Question 16 (1 point) You are considering the acquisition of a small office building. The purchase price is $975,000. Sixty-five percent of the purchase price can be borrowed with a 30-year 5 percent mortgage. Payments will be made annually. Up-front financing costs will total two percent of the loan amount. The expected before-tax cash flows from operations--assuming a 5-year holding period-are as follows: Year BTCF 1 $48,492 5 2. 53.768 18 3 59,282 65,043 5 $71.058 The before-tax cash flow from the sale of the property is expected to be $495,050. What is the net present value of this investment, assuming a 10 percent required rate of return on levered cash flows? Click here to access Excel spreadsheet a) $90,295 Ob) $35,908 c) $18,788 d) - $11,620 e) -$105,396