11. An investor purchased an apartment building in Albany, NY for $1,650,000. Your analysis of the contemplated property projects the following net operating income (NOI) over a five-year holding period as follows:

NOI in year 1 = $153,000.

NOI in year 2 = $189,000.

NOI in year 3 = $206,000.

NOI in year 4 = $273,000.

NOI in year 5 = $4,451,000. (includes expected sales proceeds)

You are asked to calculate the net present value (rounded to the nearest 100). A. $1,453,300. B. $1,613,100.C. $1,600,600.D. $1,776,700.E. None of the above.