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 SEEM Iwill be accepted. Assume that the competitor's bid a: is a random variable that is uniformly distributed between 39,63] and $14,6. a.312,uo_ E0 b. Suppose you bid $14,000. 1u'il'hat is the probability that your bid will be accepted {to 2 decimals)? E9 c. What amount should you bid to maximize the probability that you get the property? $E d. Suppose that you know someone is willing to pay you $15,000 for the property. You are considering bidding the amount shown in part [ch but a friend suggests you bid $12,800. which bid will give you the larger expected prot? Bid $12800 In maximize the expected pmt V 9 what is the expected prot for this bid {to 2 decimals)? $S0