3. A commercial real estate investment fund must report its quarterly investment performance to investors. A summary of its (1) beginning and end-of-quarter assets and equity and (2) cash inflows and outflows during the quarter are as follows: Beginning of Quarter Cash Market value of props Other Investments Fund debt $50 million $500 million $20 million $300 million $10 million $2 million $25 million $200 million $175 million $25 During Quarter NOI from operations Paid management fees Distributions to investors Investor contributions Property acquisitions Property dispositions Other investments will earn 4% interest (1% per quarter) and property debt will be at a 6% rate (1.5% per quarter). The properties were appraised at the end of the quarter for $655 million. Assume any interest on short-term investments is offset by interest paid on short-term debt. a. What would be the beginning equity value? b. What would be the ending equity value (MVEEE)? c. Assuming that all cash flows from operations, equity contributions, acquisitions, and distri- butions occurred at the end of the quarter, what would be the quarterly return (IRR)? d. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. (Investor contributions still occur at the end of the quarter.) What would be an pproximation to the IRR using the Modified Dietz approach? e. Assuming the same cash flows in (d) what would the return be before fees? f. Assuming this same cash flows in (d) what would be return at the property level?