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A buyer needs $ 4 , 4 8 6 , 9 3 8 million in equity to buy a property and pay all transaction costs.

A buyer needs $4,486,938 million in equity to buy a property and pay all transaction costs. The property has an annual Net Operating Income of $850,974. The annual debt service will be $550,522. What is the first-year percentage return to the equity investment?

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