Given the following information regarding an income producing property, determine the unlevered net operating income (NPV): expected holding period: five years; 1st year expected NOI: $42,000; 2nd year expected NOI: $44,000; 3rd year expected NOI: $45,000; 4th year expected NOI: $50,000; 5th year expected NOI: $45,000; current market value: $600,000; net sale proceeds of property at end of year 5: $605,000. Required rate of return is 18%.

Select one:

a. -$195,508

b. 51,133

c. -$148,867

d. 451,133