. . . Cash flow projection assumptions: Single tenant retail building with 15,000 square feet of rentable space Rent per unit is $30 per square feet per month Vacancy is 5% of potential gross rents Depreciation expense of $300,000 Tax rate 21% Expenses are $21 per square feet per month Management fee is 4% of effective gross income Annual debt service is $600,000 ($400,000 interest and $200,000 principal) Based on these assumptions what would be the before-tax cash flow during the first year? . O $1,145,000 $544,800 O $244,800 O $493,500