61) A farm was leased three years ago for a 10 -year term for $150 per acre (net to owner) with payments at the end of each year. Current market rental for similar farms is $175 per acre (net to owner). At the end of the lease period, the property is expected to have a market value of $2,300 per acre. The overall capitalization rate in the market is 8% and the discount rate is 12%. What is the value of the fee simple estate? A) $2,188 per acre B) $1,875 per acre C) $2,300 per acre D) $1,458 per acre