A property is purchased for $15 million. Financing is obtained at a 70% loan-to-value ratio with an interest rate of 6.5% and a 25-year amortization. The property produces an EGI of $2,800,000 and operating expenses are 50% of EGI. What is the cash-on-cash return?

(A) 13%

(B) 37.3%

(C) 12.2%

(D) 9.3%