An office building is purchased with the following projected cash flows: NOI is expected to be $180,000 in year 1 with 3 percent annual increases. The purchase price of the property is $820,000. 100% equity financing is used to purchase the property The property is sold at the end of year 5 for $780,000 with selling costs of 6 percent . The required unlevered rate of return is 12 percent. Calculate the unlevered net present value (NPV). Excel a) $306,986 b) $280,431 c) $215,399 d) -$135,606 e) -$171,140