In doing a real estate proforma, you often have to determine a "terminal" (or "going-out") cap rate. Which of the following best describes what this is?

	a.	A rate of return you expect in the final year of ownership
	b.	An after tax "final" return calculated at the end of your proforma.
	c.	An internal rate of the return over the expected ownership period
	d.	A rate used in conjunction with expected future cash flow to derive a sales price