A government agency is putting a large project out for low bid. Bids are expected from 10

Question:

A government agency is putting a large project out for low bid. Bids are expected from 10 different contractors and will have a normal distribution with a mean of $ 3.5 million and a standard deviation of $ 0.25 million. Devise and implement a sampling experiment for estimating the distribution of the mini-mum bid and the expected value of the minimum bid.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...