A REIT has an NOI of $16 per share and currently pays a dividend of $10 per share. The dividend is projected to increase by 5 percent by next year and continue to increase by 5 percent per year thereafter. Assuming that the blended cap rate is 7.5 percent and the required rate of return is 9.0 percent, what woul the net asset value (NAV) of the REIT be if it has debt-$40 per share, with average interest rate=5.5%? Excel Link: Excel Sheet.xlsx $170.28 $159.00 $133.34 $173.33