Problem

You and three other people are to place bids for an object, with the high bid winning. If...

You and three other people are to place bids for an object, with the high bid winning. If you win, you plan to sell the object immediately for $10,000. How much should you bid to maximize your expected profit if you believe that the bids of the others can be regarded as being independent and uniformly distributed between $7,000 and $10,000 thousand dollars?

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