A REIT has an NOI of $20 as share and currently pays a dividend of $10 a share. The dividend is projected to increase by 5 percent by next year and continue to increase by 5percent per year thereafter. Assuming that the blended cap rate is 9.85percent and the required rate of return is 11.5percent, what would thenet asset value (NAV)of the REIT be?

$161.54

$203.05

$60.15

$71.89

$173.91