7. A tenants monthly rent is $925. What is the rent as a percentage of their annual income of $51,000? Round your answer to the nearest percent.

8. A parcel of vacant land has an assessed valuation of $294,750. If the assessment is 87% of the market value, what is the market value?

9. If the annual net income from a commercial property is $77,000 and the capitalization rate is 8.2%, what is the property worth if the income approach is used?