Strassel Parameters Selling Price Competitor A Bid Competitor B Bid Competitor Bids (Uniform) Minimum Value $100,000 Maximum Value Model Strassel Bid Simulation Trial Competitor A Bid Competitor B Bid Winning Bid Winning Contractor Profit Summary Statistics P(Strassel Win) #DIV/O! Mean Profit #DIV/O! W N 4Strassel Investors buys real estate, develops it, and resells it for a prot. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes it he purchases and develops this property, it can then be sold for $159,000. The current property owner has asked for bids and smted that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $149,000. (a) What is the estimate of the probability Strassel will be able to obtain the property using a bid of $129,000? (Use at least 5,000 trials. Round your answer three decimal places.) \\:| (b) How much does Strassel need to bid to be assured of obtaining the property? 0 $129,000 C $139,000 C $149,000 (c) Use the simulation model to compute the prot for each trial ofthe simulation run (noting that Strassel's prot is $0 if he does not win the bid). With maximization of prot as Strassel's objective, use simulation to evaluate Strassel's bid alternatives of $129,000, $139,000, or $149,000. What is the expected prot (in dollars) for each bid alternative? (Use at least 5,000 trials. Round your answers to the nearest dollar.) expected prot fora bid of $129,000 3; S expected prot fora bid of $139,000 :5 : expected prot fora bid of $149,000 :5 : What is the recommended bid? $129,000 0 $139,000 C $149,000