Math Problem Statement
4 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 $4,000, how much will that bidder need to put into a kitty for the other bidders to be compensated?
Solution
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Math Problem Analysis
Mathematical Concepts
Fair Division
Method of Sealed Bids
Proportional Division
Formulas
Fair share per person = Total bid / Number of people
Amount to be put into the kitty = Winner's bid - Winner's fair share
Theorems
Method of Sealed Bids
Suitable Grade Level
Grades 9-12
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