Assume Wilson buys an office at the end of 2003 for $6.75 million and receives $7.05 million (net of expenses) on the sale of the property at the end of 2004, plus the net operating income of $520,000. If the inflation rate was 4.0% during the period, what was William's real annual holding period rate of return (i.e., adjusted for inflation)? approx. 10.74% approx. 8.15% approx. 12.15% approx. 11.68%