26. The lectures discuss the calculation of income, appreciation and total returns to the unleveraged asset, levered equity and the lender (debt position). Assume you acquire an asset on January 1t for $25,000,000 that produces $1,250,000 of cash flow over the first year of ownership. On December 31 of the same year, you believe the asset is worth $25,250,000. Assume also that you put a 50% LTV, interest-only loan at 4% interest rate on the property. Use the format below and calculate the following (please note that the income return, appreciation retum and total return should be in percentage form): a. Initial Value, Cash Flow and Ending Value to the Levered Equity and Debt positions. (6pts) b. Income, Appreciation and Total Return for the Property (Unleveraged), Levered Equity and Debt. (9pts)