1. [Refer to the following information to answer questions 1-4. Suppose that you are considering a property that is priced at a cap rate of 11%. First year NOI is anticipated to be $50 per square foot and you anticipate that it will grow at a rate of 3% annually indefinitely. Furthermore, similar properties to this property are usually priced at a blended IRR of 10%. What is the property's price per square foot? (a) $384.62 (b) $454.44 () $500.00 (d) $625.00 (e) $1,666.67 2. What discount rate does the current property price imply? (a) 3% (b) 7% (c) 8% (d) 13% (e) 14% 3. Assume that interest rates are fixed for the indefinite future and the riskiness of the property's cashflows will not change for the foreseeable future. What is the IRR of the property if you can buy it at the price you found in question 1? (a) 3% (b) 7% (c) 8% (d) 13% (e) 14%