A certain office building will be purchased. The owner will sell it after 20 years for a price that will recover 40% of the building purchase cost and all of the land purchase cost. It will be leased to commercial clients for the 20 years. Land Building $2.2M $4.1M Annual operating and maintenance $640,000 Annual property taxes and insurance 4% (as % of initial capital investment) (a) If the owner wants a 12% rate of return, what is the required monthly leasing cost, assuming the building is entirely leased out? Assume monthly compounding applies. Round to the nearest dollar. (b) Assume instead that the building will be vacant 5% of the time. What will the required monthly leasing cost be in this case?