Jack needs to capture a return of 8.9 per cent for his one-year investment in a...
Jack needs to capture a return of 8.9 per cent for his one-year investment in a property. He believes that he can sell the property at the end of the year for $650,000 and that the property will provide him with rental income of $22,000. What is the maximum amount that Jack should be willing to pay for the property? (to the nearest dollar)
Homework Answers
Value of Property at the end of year =650000
Rental income =22000
Maximum amount that Jack would be willing to pay for the property
=(650000+22000)/(1+8.9%) =617079.89 or 617080.00
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