Boulangerie Bakery began selling gift cards in 2025. Based on industry norms, they expect that 40% of the gift cards will not be redeemed. In 2025, the bakery sold gift cards with a value of $1,200. During that period, gift cards with a value of $300 were redeemed. The amount of revenue that Boulangerie will recognize in 2025 with regard to the gift cards is: 

Answer options: 

500 

420

300 

1,200