A property has a market value of $14,580,000 and a net operating income of $357,000. If the property appreciates in value at 4% per year, what discount rate (total return) can be applied to determine the property value in a multi-year DCF analysis?

Select one:

a.

8.25%

b.

6.45%

c.

9.78%

d.

5.95%

e.

4.84%