A group of private investors borrowed $31 million to build 310 new luxury apartments near a large university. The money was borrowed at 7% annual interest, and t loan is to be repaid in equal annual amounts (principal and interest) over a 45-year period. Annual operating, maintenance, and insurance expenses are estimated S3,500 per apartment, and these expenses are incurred independently of the occupancy rate for the apartments. The rental fee for each apartment will be $11,500 year, and the worst-case occupancy rate is projected to be 85% a. How much profit (or loss) will the investors make each year with 85% occupancy? b. Repeat Part (a) when the occupancy rate is 95% , andt dently ofthecocuparon tenuthea rating, ante anowanodinsurance7