Consider a property with net operating income of DKK 525,000. Consider DKK 350,000 as interest expense and DKK 200,000 as the depreciation expense. Assume that the income tax rate is 40% and there is no capital expenditure.

With this information, answer the following questions: (a) What is the before tax cash flow to the equity investor? (b) What is the after tax cash flow to the equity investor?