15 Given the following information, calculate the value of the leased fee estate assuming a 12.5% overall discount rate and a 5 year holding period are appropriate. 98 market rent: contract rent: operating expenses: resale value: $500,000 increasing 3% per year $400,000 level 50% of gross income $3,000,000 A. $2,376,900 B. C. $2,554,929 D. $1,424,227 $3,089,014