Use the following information to answer the questions. Commercial Property Leaseable space= 300,000 sqft Cap Expenditures = 20% of EGI Average Annual Rent = $17.00/Sqft LTV = 80% Average Annual Growth = 2.5%/year Loan Interest Rate = 6% V&C Losses = 8% of PGI Amortization = 30 yrs Operating expenses = 35% of EGI % Bldg/Total Value = 75% Miscellaneous Income = $1.50/sqft Corporate tax rate = 30% MI annual growth = 2%/year Cap Gains tax rate = 15% going-out cap rate = 10.5% accum dep tax rate = 25% discount rate = 6% purchase price = $22.5M What is the IRR the before-tax levered cash flows? A 46.72% B 51.24% C 28.74% D 39.72% What is the net present value of the after-tax levered cash flows? A $7,510,389 B $9,357,523 C $9,673,624 D $8,190,129.