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Anna's Antiques expects to get three bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.If three bidders show up at the auction and two of the bidders are low value,what would the winning price be?
Promissory Note
A financial document in which one party promises in writing to pay a determinate sum of money to another party under specific terms.
Principal
The face amount of the note.
Promissory Note
A written promise to pay a specified sum of money to a designated person at a fixed or determinable future time.
Creditor
Someone who has a claim to assets.
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