Luann and Cheryl inherit an emerald necklace worth $1000 from their great-aunt. They cannot both keep the necklace, so the women use the method of sealed bids to decide who will keep it.
Suppose Cheryl really would like the necklace, and while Luann is writing her bid, Cheryl sees that Luann makes a bid of $1100. What bid would be most beneficial to Cheryl under these circumstances?
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