To sell an average house, a real estate broker spends $1200 for advertisement expenses. If the house sells in three months, the broker makes $8,000. Otherwise, the broker loses the listing. If there is a 40% chance that the house will sell in three months, what is the expected payoff for the real estate broker?

Answer rating: 100% (QA)

Given that the broker spends 1200 for advertisement and he makes 8000 if he sells the h... View the full answer