An office building is purchased with the following projected cash flows: NOI is expected to be $180,000 in year 1 with 2 percent annual increases. The purchase price of the property is $910,000. 100% equity financing is used to purchase the property The property is sold at the end of year 4 for $970,000 with selling costs of 8 percent. Calculate the unlevered internal rate of return (IRR). a) 19.9% Ob) 20.7% Oc) 21.5% Od) 22.3% O e) 23.1%