203 Problem4 mo the following add appeared in the Athens newspaper For Sale: Apartment Building 30 Units Average Rent for 2019 is expected to be $600 per month per unit 2 years old Price Upon investi agency which or 10% of the r that occupancy rate is likely gation you found that it would require little or no work on your part. There was a rental would keep the books, rent apartments, do evictions and other administrative tasks ent Your investigation showed that the apartments stayed about 95% occupied and to continue. Additionally, the rental agency told you that you can 2021, and 202 mcrease about 5% per year after 2019 year for the following three years (2020, use the building is new. The repairs and maintenance costs are about $800 d 2022. After that, you expect these to rise at 5% per year. You 202 1, and 2022) beca per month for 2019, 2020, 2021an want to years and then sell it for $ month and will rise at 5% per y would pay for the apartment? Ignore taxes. earn at least 20% on your investment. You figure you will hold on to the apartment for four 800,000 (on Dec 31, 2022). All other cash expenses run $1,000 per ear after 2019, Assume it is Jan 1, 2019-what is the price you 8