2008 CFA Level 1 － Sample 样题(1)－Q50 black

8586

50、A real estate investment has the following characteristics:

Annual rental income	$1,800,000
Annual operating expenses	$1,200,000
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. $4,000,000.

B. $5,455,000.

C. $6,133,000.

D. $8,696,000.

      

[此贴子已经被作者于2008-11-7 15:16:31编辑过]

8586

Correct answer = A

"Alternative Investments," Bruno Solnik and Dennis McLeavey
2008 Modular Level I, Vol. 6, pp. 193-194
Study Session 18-76-f
calculate the net operating income (NOI) from a real estate investment, the value of a property using the sales comparison and income approaches, and the after-tax cash flows, net present value, and the yield of a real estate investment
Using the income approach: ($1,800,000 - $1,200,000) / 0.15 = $4,000,000 

 

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