Suppose we are interested in bidding on a plece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,500 and $15,500. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? c. What amount should you bid to maximize the probobility that you get the property? d. Suppose that you know someone is wiling to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $13,250. Which bid will give vou the larger expected proft? What is the expected profit for this bid (to 2 decimals)