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 $10,300 will be accepted. Assume that the competitor's bid :1: is a random variable that is uniformly distributed between $10,300 and $15,300. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? .34 Q9 b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? .74 9 c. What amount should you bid to maximize the probability that you get the property? $ 15300 9 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 $13,150. Which bid will give you the larger expected profit? Bid $13150 to maximize the expected profit v M What is the expected profit for this bid (to 2 decimals)? $ 0