London purchased a piece of real estate last year for $86,000. The real estate is now worth $104,600. If London needs to have a total return of 0.22 during the year, then what is the dollar amount of income that she needed to have to reach her objective? Round to two decimal places.
Total return==(End value-Beginning value+Income)/Beginning value
0.22=(104600-86000+Income)/86000
(0.22*86000)=18600+Income
Income=18920-18600
=$320
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