1. A building contractor is preparing a bid on a new construction project. Two other contractors, A and B, will be submitting bids for the same project. Based on past bidding practices and the requirements of the project, the bid from Contractor A can be described with a uniform distribution between $600,000 and $800,000, while the bid from Contractor B can be described with a normal distribution with a mean of $700,000 and standard deviation of $50,000. Conduct a simulation study with 1,000 trials. Using the summary statistics gathered, answer the following questions:

a. If this building contractor submits a bid of $700,000, what is the probability that the building contractor will obtain the bid?

1. If the building contract would like to bid such that the probability of winning the bid is 0.80 or more, what bid would you recommend from your simulation results?

[Hint: A contractor who offers the lowest bid, not the highest bid, will win the bid.]