A property produces a first year NOI of $80000 which is expected to grow by 2.0 percent per year. If the property is expected to be sold in Year 10, what is the expected sale price based on a terminal capitalization rate of 6.5 percent applied to the 11 year NOI?

multiple choice

$1,275,256

$1,575,316

$1,500,301

$1,125,226

$1,425,286