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A luxury high-rise apartment building has a net operating income of $1,950,000. Using the income approach, determine the property value if the cap rate is

A luxury high-rise apartment building has a net operating income of $1,950,000. Using the income approach, determine the property value if the cap rate is 8 percent.

$156,000

$1,794,000

$2,106,000

$24,375,000

None of the above

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