A newly issue CMO's mortgage pool has a balance of $77.03 million with an average interest rate of 10.93% payable annually over a five-year term. There are two tranches. Priority payments will be made to Tranche A and will include the coupon, all amortization from the mortgage pool, and the interest that will be accrued to Tranche Z until Tranche A's principal is fully repaid. Tranche Z will accrue interest without any cash payments until the senior tranche is repaid. It will receive current interest and principal payments at that time. Tranche A has a principal balance of $39.17 million with an annual coupon of 7.57%. Tranche Z has a principal balance of $32.21 million with an annual coupon of 10.93%. What is Tranche A's capital balance at the end of year 1? $20.94 million $21.52 million $22.10 million $22.68 million O $23.26 million A newly issue CMO's mortgage pool has a balance of $77.03 million with an average interest rate of 10.93% payable annually over a five-year term. There are two tranches. Priority payments will be made to Tranche A and will include the coupon, all amortization from the mortgage pool, and the interest that will be accrued to Tranche Z until Tranche A's principal is fully repaid. Tranche Z will accrue interest without any cash payments until the senior tranche is repaid. It will receive current interest and principal payments at that time. Tranche A has a principal balance of $39.17 million with an annual coupon of 7.57%. Tranche Z has a principal balance of $32.21 million with an annual coupon of 10.93%. What is Tranche A's capital balance at the end of year 1? $20.94 million $21.52 million $22.10 million $22.68 million O $23.26 million