London purchased a piece of real estate last year for $83,600. The real estate is now worth $100,100. If London needs to have a total return of 0.22 during the year, then what is the dollar amount of income that she needed to have to reach her objective? Round to two decimal places.
London purchased a piece of real estate last year for $83,600. The real estate is now worth $100,100. If London needs to have a total return of 0.22 during the year, then what is the dollar amount of income that she needed to have to reach her objective? Round to two decimal places.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter13: Investing In Mutual Funds, Etfs, And Real Estate
Section: Chapter Questions
Problem 9FPE
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London purchased a piece of real estate last year for $83,600. The real estate is now worth $100,100. If London needs to have a total return of 0.22 during the year, then what is the dollar amount of income that she needed to have to reach her objective? Round to two decimal places.
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Step 1
Purchase price=$83,600
Present worth=$100,100
Rate of return=0.22
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