QUESTIONS 109 THROUGH 114 RELATE TO ALTERNATIVE INVESTMENTS.

112. An analyst collects the following data:

Office Building

Apartment Complex

Recently Sold

Under Consideration

Net Operating

$250,000 $91,000 $480,000

Income (NOI)

Sales price $700,000 $3,000,000

Based on the data provided, the appraisal price of the apartment complex under

consideration is closest to:

A. $1,562,500.

B. $1,724,138.

C. $1,923,077.