An investor wants to purchase a property for $500,000 and has the cash in hand (no loan needed). The expected annual rent of the property in year 1 is $35,000, which is expected to grow by 5% per year for the next 5 years. The operating expenses (non-reimbursable) of the 5 property are $15,000 in year 1, which is expected to grow by 6% 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 5 (i.e. the 5th year of ownership)? Select one: O a $25,660.09 Ob. $24,994.84 OC. $24,310.13 Od $23,605.56 Oe. None of the choices