Use the following information to answer the next five questions:

Consider a property with the following pro forma operating statement:

PGI$1,200,000- V&C60,000EGI1,140,000- OE456,000NOI684,000

The property can be purchased for $8.55 million. Financing is available for 75 percent of the purchase price with annual debt service payments of $519,572.

What is this property's cash-on-cash-return?

A.1.92%

B.8.00%

C.12.50%

D.7.69%