You want to run a banner advertising campaign for your business on the home page of theWebsiteYourportal.com.Yourportal.comhas given you two payment alternatives to choosefrom: 1) A CPM of $50, or 2) A PPC system where you choose to bid how much you wantto pay per click.

You find out thatYourportal.com's home page attracts 1,200,000 impressions (i.e., visits) per month, and your banner ad would get a click-ratio of 4%.

How much would you bid for payment on a PPC basis, if your total monthly advertising bill is to be thesameas what you would pay on a CPM basis, given the above information?