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 $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,000 and $15,000. (3) Suppose you bid $11,000. What is the probability that your bid will be accepted? S (b) Suppose you bid $14,000. What is the probability that your bid will be accepted? S (c) What amount should you bid in dollars to maximize the probability that you get the property? $: (d) Suppose you know someone who is willing to pay you $16,000 for the property. What is the expected prot in dollars if you bid the amount given in part (c)? $ E Find a bid in dollars which produces a greater expected prot than bidding the amount given in part (c). (If an answer does not exist, enter DNE.) $