Carol would like to purchase a shopping center property. She has determined that the current market vacancy rate is 6 percent, and that operating expenses will run at about 10 percent of effective gross income. The prevailing market cap rate is 9 percent. The first shopping center she has analyzed has 35,000 square feet which rents at $15.50 per square foot. The second shopping center she is considering 40,000 square feet and rents for $14.00 per square foot. 3. Effective Gross Income for the FIRST center is? A. $ 509 950 B. $ 542 500 2 C. $ 458 955 D. $ 32 550 E. None of the above, the correct answer is 4. Based on the current market cap rate, the market value of the SECOND center is? A. $ 473760 B. $ 6.222 million C. $ 4.264 million D. $ 5.264 million E. None of the above, the correct answer is