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 net present value of the before-tax unlevered cash flows if you use a discount rate of 7%?

A. 30,189

B. 31,458

C. 32,108

D. 34,176

E. 36,978

Please show full solution through a financial calculator.