92. Bonus Question Eight Points ( One point per answer) Please refer to the Exhibit 5.4 on page 143 of your text book The owner of the property described in Exhibit 5.4 asks the manager to take another look at the numbers and evaluate the savings if the proposed improvement EXCLUDES a microwave oven. The owner would like to retain the proposed rent increase of $50 per month. The cost of the microwave is $175.The manger determines that at least 2 residents whose lease expires in a few weeks are likely to look elsewhere if the improvement package does not include a microwave oven. a. How will this change the affect the calculated payback period, additional N01, return on investment (ROI) and increase property value? ( 4 answers) b. Is the owner likely to approve this scenario based upon a 10% cap rate? c. Is the owner likely to approve this scenario based upon a 9% cap rate? d. How would an 11.25% cap rate affect the calculations? e. For each additional apartment that is leased above the 90% occupancy rate, what would the impact on the payback period be