In order to estimate a terminal (reversion) value for an income producing commercial property using the perpetuity growth method using a 7 year horizon (i.e., estimating terminal value in the 7th year), the following statement would be true:

a. Divide the 7th year NOI by the growth rate less the discount rate

b. Divide the 7th year NOI by the discount rate less the growth rate

c. Divide the estimated 8th year NOI by the growth rate less the discount rate

d. Divide the estimated 8th year NOI by the discount rate less the growth rate