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The definition of Net Operating Income is: a . a discount rate that makes the net present value of all cash flows equal to zero.

The definition of Net Operating Income is:
a. a discount rate that makes the net present value of all cash flows equal to zero.
b. used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments.
c. the difference between the present value of cash inflows and the present value of cash outflows over a period of time.
d. all revenue from the property, minus all reasonably necessary operating expenses.
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