Purchase Price	$11.8 million
Loan Amount	$8.6 million
	1	2	3	4	5
Potential Gross Income	$1,350,000	$1,412,500	$1,578,125	$1,647,031	$1,719,383
Effective Gross Income	$1,125,000	$1,181,250	$1,240,313	$1,302,328	$1,367,445
Net Operating Income	$721,250	$777,813	$816,203	$856,513	$898,839
Before-Tax Cash Flow	$84,550	$118,124	$162,203	$195,213	$236,932
Future Selling Price	$12,700,000
Net Sale Proceeds	$11.95 million
Before-Tax Equity Reversion	$5.45 million

What is the internal rate of return of the before-tax levered cash flows?

A. 14.73%

B. 15.06%

C. 15.49%

D. 15.83%

E. 16.24%

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