William owns a four-unit apartment building for which he receives $500 per month per unit. Three of the units were rented for the entire 12 months. The fourth unit was occupied from January 1 to April 30, 2016. Upon vacating the unit the tenant was not refunded his security deposit of $500 due to damage to the unit. The unit was subsequently rented for 1 year beginning August 1, 2016. On August 1, 2016, the new tenant paid the first and last months' rent and a refundable security deposit of $500. What is William's rental income for 2016?
a. $24,000
b. $23,500
c. $22,500
d. $23,000
Ans: b. $23,500
Business
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