Question

5 people can claim joint ownership of an item and intend to divide it by the method of sealed bids. The winner offers a bid of $66,000 how much will that bidder need to put into a kitty for the other bidders to be compensated?

Do not include $signs with your response.

Answer 1

Answer:

16,500

Step-by-step explanation:

5-1 (the bidder) = 4 divided by 66,000 = 16,500

Answer 2

The number of amount that bidder need to put into a kitty for the other bidders to be compensated is 52,800

Important information:

5 people can claim joint ownership of an item and intend to divide it by the method of sealed bids. The winner offers a bid of $66,000

Calculation of amount:

$= 66,000 - (66,000 \div 5)$

= 66,000 - 13,200

= 52,800

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