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: 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 of fset 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 distributions occurred at the end of the quarter, what would be the quarterly return (IRR)