Cpt inc. is a local manufacturer of conveyor systems. last year, cpt sold over $2 million worth of conveyor systems that netted the company $100,000 in profits. raw materials and labor are cpt’s biggest expenses. spending on structural steel alone amounted to over $500,000, or 25 percent of total sales. in an effort to reduce costs, cpt now uses an online procurement procedure that is best described as a first-price, sealed-bid auction. the bidders in these auctions utilize the steel for a wide variety of purposes, ranging from art to skyscrapers. this suggests that bidders value the steel independently, although it is perceived that bidder valuations are evenly distributed between $4,000 and $22,000. you are the purchasing manager at cpt and are bidding on three tons of six-inch hot-rolled channel steel against 6 other bidders. your company values the three tons of channel steel at $11,000. what is your optimal bid? instruction: enter your response rounded to the nearest penny (two decimal places).