A retail shopping center is purchased for $2.1 million. During the next five yearsthe property appreciates at 2 percent per year. At the time of purchase, the property is financed with a 70 percent loan-to-value ratio for 25 years at 6 percent (annual) with monthly amortization. At the end of year 5, the property is sold with 4 percent selling expenses. What is the before-tax equity reversion?

A. 804,192

B. 826,937

C.860,182

D.870,581

E.903,825