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You are considering an investment in a rental property. You estimate that you can make $49,000 per year in rental income after expenses. You plan

You are considering an investment in a rental property. You estimate that you can make $49,000 per year in rental income after expenses. You plan to keep the property for 8 years, and you think you can sell the property for about $692,000 in 8 years. If you require a 13.8% return to make this investment, what is the most you would be willing to pay for the property today?

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