IE-370 Fall 2017 In-class practice Name: Diego Com Sunbelt Corporation, an investment company is considering building a 60-unit apartment complex in a growing area near Tuscon, Arizona. Since the long-term growth potential of the town is excellent, it is believed that the company could average 800% full occupancy for the complex each year. If the following financial data ure reasonably accurate estimates, determine the minimum monthly rent that should be charged ia 10% tate of retum is desired: Land investment cost $2,000,000 Building investment cost - $2,500,000 Annual upkeep cost-$100,000 Property taxes and insurance = 3% of total initial investment Study period 25 yeans Salvage value only the land cost can be recovered in full Note: Assume you have end-of-period convention (Any cash flows occurring during the interest period are summed to a single amount and placed at the end of the interest period) Final