P$3.$ The expected total return on a property you are considering is $8$ percent, and your hurdle rate $($required rate of return$)$ is $15$ percent. If you can borrow at $5$ percent, what is the minimum loan$-$to$-$value ratio you need to move forward with the investment? Assume no financing or selling costs. Hint: If you get stuck, make up a price for the property and calculate the cash flows at time $0$ and time $1.$ This is a much less complex version of what we did in class on $2/15.$

$($a$)0\%$

$($b$)25\%$

$($c$)50\%$

$($d$)70\%$

$($e$)80\%$