You attempt to estimate the value of a property that has a net income (NOI) of $58000. You have collected the following data of four comparable considered (benchmark). 10p 1 2 3 4

Sales Price NOI

$368,500

$50,000

$425,000

$56,100

$310,000

$42,700

$500,000

$68,600

i. Calculate the capitalization rate (R) for each comparable.