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13 CHALLENGE PROBLEM Jim Smith invests 2 500 000 in a prime seaside 3 unit...

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13 CHALLENGE PROBLEM Jim Smith invests 2 500 000 in a prime seaside 3 unit strip mall He has a 500 000 down payment Kate s Kites and Sandy s Seashells each occupy a 1 200 square foot unit Seaside Realty occupies the 2 000 square foot unit The units rent for 8 33 per square foot per month The annual mortgage interest is 175 000 depreciation is 3 5 of the purchase price and taxes insurance repairs and upkeep total 125 000 Determine the annual a net income and b yield

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