Given the following information regarding an income producing property, determine the after-tax net present value (NPV): expected holding period: five years; 1st year expected BTCF: $25,900; 2nd year expected BTCF: $33,400; 3rd year expected BTCF: $35,700; 4th year expected BTCF: $38,800; 5th year expected BTCF: $40,500; 1st year expected tax liability: $8,288; 2nd year expected tax liability: $10,688; 3rd year expected tax liability: $11,424; 4th year expected tax liability: $12,416; 5th year expected tax liability: $12,960; estimated after tax equity reversion at end of year 5: $327,250; expected taxes due on sale at end of year 5: $33,700; required equity investment: $264,300; after-tax opportunity cost: 9.00%.

multiple choice

$39,000

$60,902

$31,621

$17,097