1. What is the profitability index for an investment with the following cash flows given a 9 percent required return?
Year Cash Flow
0 $-20,500
1 $7,200
2 $9,800
3 $8,400
2. Which of the following is not one of the three circumstances under which a listing contact terminates?:
1) the sellers move out of state
2) the specified period expires
3) the property is sold
4) one of the parties abrogates the terms of the contract