. The Hubbart room rate formula calls for an average room rate that will cover expenses and provide a fair return to the investors. Compute that rate from the abbreviated set of data that follows: $3,000,000 $25,000,000 $6,000,000 $4,200,000 $1,100,000 Land Building Furniture, fixtures, and equipment (FF&E) Nonappropriated expenses (advertising, repairs, etc.) Income from restaurant, caf, and lounge Rooms available for sale Nonoperating expenses (insurance, taxes, and depreciation) Desired return on investment Interest expense on debt of $25,000,000 Percentage of occupancy 563 $810,000 16% 14% 71%