Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $9,800 will be accepted. Assume that the competitor's bid is a random variable that is uniformly distributed between $9,800 and $14,800. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? 0.44 b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? 0.84 c. What amount should you bid to maximize the probability that you get the property? $ 14800 d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $12,900. Which bid will give you the larger expected profit? Bid $12900 to maximize the expected profit What is the expected profit for this bid (to 2 decimals)? $ 12300