SciTool is now bidding for another contract From historical data, there's a 20 chance that there are no other firms bidding for the contract We also know if there are competitors, their bidding prices follow the following distribution Competitor's bid price $2 6M probability 0 2 0 3 0 3 0 15 0 05 Suppose SciTool bids $2 0M When there is competition, the firm that has a lower bid price wins What is the winning probability of SciTool

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Question: SciTool is now bidding for another contract. From historical data, there's a 20% chance that there are no other firms bidding for the contract. We

SciTool is now bidding for another contract. From historical data, there's a 20% chance that there are no other firms bidding for the contract. We also know if there are competitors, their bidding prices follow the following distribution.

Competitor's bid price	<$1M	between $1.1M and $1.4M	between $1.6M and $1.9M	between $2.1M and $2.4M	>$2.6M
probability	0.2	0.3	0.3	0.15	0.05

Suppose SciTool bids $2.0M. When there is competition, the firm that has a lower bid price wins.What is the winning probability of SciTool?

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