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 offset by interest paid on short-term debt. Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). 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)? 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would be the return at the property level? Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). 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)? 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quarter. What would be the return at the property level? Complete this question by entering your answers in the tabs below. What would be the beginning equity value? (Do not round intermediate calculations. Enter your answer in millions.) Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). 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)? 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would be the return at the property level? Complete this question by entering your answers in the tabs below. What would be the ending equity value (MVEE). (Do not round intermediate calculations. Enter your answer in milllons rounded to 2 decimal places.) Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). 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)? 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would be the return at the property level? Complete this question by entering your answers in the tabs below. 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)? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). c. Assuming that all cash flows from operations, equity contributions, acquisitions, and distributions occurred at the end of the quarte 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would be the return at the property level? Complete this question by entering your answers in the tabs below. 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 approximation to the IRR using the Modified Dietz approach? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Internal rate of return using the Modified Dietz approach Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). 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)? 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quarter. What would be the return at the property level? Complete this question by entering your answers in the tabs below. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Required: a. What would be the beginning equity value? b. What would be the ending equity value (MVEE). 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)? 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 approximation to the IRR using the Modified Dietz approach? e. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the return be before fees? f. Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quarter. What would be the return at the property level? Complete this question by entering your answers in the tabs below. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would be return at the property level? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)