The De Lapidated Arms Hotel has a gross potential rental income (at 100% occupancy) of $34,000,000 per year. Its operating expenses are $16,000,000 per year.The mortgage interest on the property is $13,000,000 per year and the depreciation expense is $11,000,000 per year. Calculate the net operating income (NOI) of the property, assuming the hotel is 70% occupied.

	a.	$10,400,000
	b.	$7,800,000
	c.	$10,400,000
	d.	$13,800,000