I only need help with part 2 of Letter D. The very last question at the bottom.What is the expected profit for this bid (to 2 decimals)? 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 inexcess of $10,200 will be accepted. Assume that the competitor's bid æ is a random variable that is uniformly distributed between $10,200 and$15,000.a. Suppose you bid $12,000. what is the probability that your bid will be accepted (to 2 decimals)?0.38b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)?0.79c. What amount should you bid to maximize the probability that you get the property?$ 15000d. 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) buta friend suggests you bid $13,100. If your objective is to maximize the expected profit, what is your bid?Bid $13100 to maximize the expected profitWhat is the expected profit for this bid (to 2 decimals)?

Name: I only need help with part 2 of Letter D. The very last question at th
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: I only need help with part 2 of Letter D. The very last question at the bottom.What is the expected profit for this bid (to 2 decimals)? Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller an