A sporting goods store had a lease agreement to pay 1.75% on all income over $56,000 a month gross in addition to the base rent they paid of $2,000. Last year they paid $56,500 in rent. What was their total gross income?

(a) $2,529,143
(b) $1,368,321
(c) $1,857,143
(d) $1,954,330

Answer: (a) $2,529,143

Business

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