In a certain real estate market the net cash flows are level perpetuities (no growth), the going in IRR at the market price of the assets is 8% at the PBT level, and the marginal investors, who face an effective tax rate of 20% (with or without leverage), typically use 50% LTV loans (which are maintained perpetually at 50% LTV) that have a market interest rate of 6%. Ignoring depreciation, what is the market's levered after-tax opportunity cost of capital for these types of properties?

In the market described in the previous question, what would be the investment value (IV) of a property whose initial PBTCF is $100/year, for an investor who faces a 10% tax rate and who would borrow the same dollar amount as the marginal investor in the previous question?