Suppose you own a 50 years old building that is currently vacant. you consider renovating the building to a comparable property currently generating an annual rental income of $360000. the renovation cost is estimated at $1.5 million. the annual rental income is expected to grow at a constant 5% per year for the indefinite future. the appropriate discount rate for the NOI after renovation is 16%. if you renovates immediately, the value of the old building is nearest: A. $1.576million B.$1.773million C.$1.824million D.$2.045million E.$2.217million