All of the following are fundamental causal determinants of cap rates in the property asset market, except:

	The net income divided by the property price
	The opportunity cost of capital (as determined in the capital market)
	The risk perceived for the property (as determined in the space and capital market)
	The expected growth in property rents (as determined in the space market)

Suppose you pay $450,000 for a property today. The property appreciates 9% in the first year, and 13% in the second year. The third-year yield was 8%. What was the income generated by the property in year 3?

	$44,341
	$36,000
	$58,500
	$40,500