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Answer:
3. $600,000
Step-by-step explanation:
We have been given that a tenant rented a store to use as a real estate school at a base rent of $1,500 a month. Additionally, the tenant agreed to pay 3% of gross annual sales over $200,000.
Let us find base annual rent.
Let us find the amount of rent paid as 3% of gross annual sales.
Let us find amount of sales over $200,000 by dividing $12000 by 3% or 0.03.
Total sales would be $400,000 plus $200,000.
Therefore, the total sales for that year was $600,000 and 3rd option is the correct choice.