quity cash flow for Year 3 (for simplicity, assume all cash flows arrive at the end of the year)

You have purchased a property using some debt. The terms of the debt are as follows: annual interest rate = 5.25%, amortization term = 10 years, loan amount = $10 million. You expect NOI in year 3 to be $1.5 million. You also expect depreciation expense to be $300,000 during Year 3. Assuming a marginal tax rate of 37%, what is your expected after-tax equity cash flow for Year 3 (for simplicity, assume all cash flows arrive at the end of the year).