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.
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 31P
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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.
Expert Solution
Step 1
Purchase price=$83,600
Present worth=$100,100
Rate of return=0.22
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