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You are considering the purchase of an investment property. A local duplex has net operating income of $10,355.48, annual taxes of $1,242, and is selling

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You are considering the purchase of an investment property. A local duplex has net operating income of $10,355.48, annual taxes of $1,242, and is selling for $258,161. What is the cap rate for this property? Answer should be formatted as a percent with 2 decimal places (eg 99.99)

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