You're creating a pro forma to obtain financing for your latest developoment project, a $20$ unit apartment

building at the corner of Pretty River Road and Osprey Street in Nottawa, Ontario. All you need to finish

your estimates of the building's potential gross revenue over the three years of your direct estimates is

the calculation of its absorption and turnover vacancy values. Sample data from the other two apartment

buildings already operating in Nottawa reveal that, on average, you can expect to take an average of

eight months to find a new tenant to replace one who has departed unexpectedly. Your plans call for

each apartment in your building to have two bedrooms, two baths and $1,000$ square feet of living space.

The average market rent for such an apartment during the last year has been approximately $$2,600\mathrm{.}00$

per month. What approximate value do you calculate in estimating the lost revenue per year from the

average prematurely terminated lease?

a$.$ $$1,733\mathrm{.}33$

b$.$ $$961\mathrm{.}16$

c$.$ $$1,113\mathrm{.}14$

d$.$ $$2,321\mathrm{.}00$

e$.$ $$869\mathrm{.}22$