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Question:

A property in probate is appraised at $960,000. At auction, the highest bid is $900,000. For the court to consider any other offer, it would have to be at least ____

A $945,500.
Explaination

A probate court will only consider a subsequent bid that is raised by an amount equal to 10% of the first $10,000 ($1,000), plus 5% on the balance ($44,500).