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3. [10 points] You are thinking about purchasing a small apartment building in Maplewood, New Jersey. The property contains 8 apartments of similar size and configuration that rent for $3000 a month and you are responsible for all operating expenses. (a) What is the annual potential gross rent you expect to receive from this property in the first year of ownership? (b) What is the annual effective gross income you expect if you expect the vacancy rate to by 10% per year