An investor wants to purchase a property for $500,000 and has the cash in hand (no Ioan needed). The expected annual rent of the property in year 1 is $30,000, which is expected to grow by 6% per year for the next 5 years. The operating expenses (nonreimbursable) of the property are $15,000 in year 1 , which is expected to grow by 5% per year for the next 5 years. All incomes are accrued and expenses are incurred at the end of each year. Assume the property is purchased at the end of year 0 (the current year) and there is no vacancy during the first 5 years of ownership. What will be the net operating income (NOI) of the property in year 3 (i.e. the 3rd year of ownership)