irvine real estate buys real estate, develops it and resells it for a profit. a new property is available, and the company is considering a bid of $1,300,000. the owner of the company believes if she purchases this property, it can be then sold for $1,600,000. the current property owner has asked for bids and stated that the property will be sold for the highest bid. there is one competitor who is also submitting a bid for the property. irvine real estate does not know what the competitor will bid, but the owner assumes for planning purposes that the amount bid will be uniformly distributed between $1,000,000 and $1,500,000. (30 points)