Three siblings, Tom, Joann, and Betty, inherit the family farm. They want to keep the farm in the family rather than sell it and split the money. They each write their bids down and place them in envelopes. Tom’s bid is $1,250,000, Joann’s bid is $1,300,000, and Betty’s bid is $950,000. Carry out the method of sealed bids to assign the farm and monetary compensation.
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