问题
单项选择题
A real estate investment has the following characteristics: Annual rental income $1800000 Annual operating expenses $1200000 Available mortgage rate 6% Financing percentage 90% Required rate of return 15% Estimated holding period 5 years Investor’s tax rate 25% Based on the income approach, the value of the investment is closest to:（）
A. $4000000.
B. $5455000.
C. $6133000.
答案
参考答案：A
解析：
Using the income approach: ( $1800000- $1200000)/0.15 = $4000000.