You are evaluating submitting your tender offer for a $5,000,000 project in which the following three competitors' bid history is known: Contractor B/C mean (u) B/C standard deviation (0) A 1.055 0.068 B 1.072 0.021 1.064 0.050 a) If you are aware that only Contractor B possesses the following histogram about your Bid/cost history, as well as those data in the above table about the other two Contractors, and intends on using Friedman model to calculate his markup. What will be your optimum markup (up to 1 decimal place) using Friedman and Gates models? 9 8 8 Your Company 7 7 7 6 5 5 4 4 4 4 3 2 2 2 2 1 0 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% b) Considering only the values in the table and assuming the economy is entering a recession and your company wants to increase the probability of winning the project, you set a constraint that the markup chosen is not the optimal markup, but the markup that ensures a minimum of 60% probability of beating all competitors. What is the required markup using Friedman model