Using the following information, compute net operating income (NOI) for the first year of operations. Use an "above-line" treatment of capital expenditures. Number of apartments: 10 Rent per month per apartment: $800 Expected vacancy and collection loss: 5 percent Annual maintenance: $12,000 Annual depreciation: $6,000 Property taxes: $4,000 Property insurance: $5,000 Management: $6,000 Capital expenditures: $5,000 Income taxes: $9,000 Other operating expenses: $3,000 Annual mortgage debt payments: $14,000 a) $27,200 Ob) $41,200 Oc) $47,200 O d) $50,200 Oe) $56,200