Q Five problemsthat could slow X i 6.2 Microsoft Excel: Structure x :'4 MindTap- Cengage Learning X n Course Hero X i G HomelChegg.com X i + v ( C' i httpszllng.cengage.com/siaticblui/eVo/index.html?deployment|d:59351'l2189509097482354739820&e|$BN=9780357'|'l0614&snapshotld:3080060&i... [I] r E'z *- I] '3 E ; Khoi v '2. CENGAGE | MINDTAP Q Search this course 9 Cha ter 6 Assi nment My Home P g o x Assignment: Chapter 6 Assignment Assignment Score: 31.25% Courses i Submit Assignment for Gra g Catalog and Study Tools Questions Exercise 06.07 Algorithmic 4 Question 3 DUB b Rental Options 1 - 0 Check My Work 3 College Success Tips 2- ' I 3. I a Career Success Tips LJ 4 0 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 RECOMMENDED FOR YOU 5. $10,200 will be accepted. Assume that the competitor's bid 93 is a random variable that is uniformly distributed between $10,200 and $15,000. 6. . a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? 7 0 St d H k 8 I). suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? Instructor Tips for Success 10 c. What amount should you bid to maximize the probability that you get the property? 0 ' $ 11' d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend 0 Help 12. . suggests you bid $13,100. If your objective is to maximize the expected profit, what is your bid? - Select your answer - v E} Give Feedback 13- . ' 0 What is the expected profit for this bid (to 2 decimals)? 14. $ 15. o 16. 0 Check My Work 0-: Icon Key