Model File Available:

$($a$)$ What is the estimate of the probability Strassel will be able to obtain the property using a bid of $$121,000?($Use at least $5,000$ trials. Round your answer three decimal places.$)$

$($b$)$ How much does Strassel need to bid to be assured of obtaining the property?

$$121,000$

$$131,000$

$$141,000$

nearest dollar.$$121,000$

$$131,000$

$$141,000$

Parameters

Selling Price

Competitor A Bid

Competitor B Bid