A client asks an estate agent to sell three properties A, B and C for him and agrees to pay him 11% commission on each sell. He specifies certain conditions. The estate agent must sell property A first, and this he must do within 60 days. If and when A is sold, the agent receives his 11% commission on that sale. He can then either back out at this stage or nominate and try to sell one of the remaining two properties within 60 days. If he does not succeed in selling the nominated property in that period, he is not given the opportunity to sell the other. If he does sell it in the period, he is given theA client asks an estate agent to sell three properties A, B and C for him and agrees to pay him 11% commission on each sell. He specifies certain conditions. The estate agent must sell property A first, and this he must do within 60 days. If and when A is sold, the agent receives his 11% commission on that sale. He can then either back out at this stage or nominate and try to sell one of the remaining two properties within 60 days. If he does not succeed in selling the nominated property in that period, he is not given the opportunity to sell the other. If he does sell it in the period, he is given the opportunity to sell the third property on the same conditions. The following table summarizes the prices, selling costs 8 (incurred by the estate agent whenever a sale is made) and the estate agents estimated probability of making a sale. Table Property Prices of property Selling costs Probability of sale A K12,000 K400 0.7 B K25,000 K225 0.6 C K50, 000 K450 0.5 (i) Draw up an appropriate decision tree for the estate agent (4 marks) (ii) What is the estate agents best strategy under expected monetary value ( EMV ) approach.