Real Estate Math
A Wyoming apartment building has 8 units renting for $950/month each. The building operates at a 92% occupancy rate. What is the annual effective gross income?
A$79,200
B$83,904✓ Correct
C$88,320
D$91,200
Explanation
Potential Gross Income = 8 × $950 × 12 = $91,200. Effective Gross Income = $91,200 × 92% = $83,904.
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