Suppose that examination of a pro forma reveals that the fifth-year net operating income (NOI) for an income producing property that you are analyzing is $138,446 (you can assume that this cash flow occurs at the end of the year). If you estimate the projected rental growth rate for the property to be 5% per year, determine the projected sale price of the property at the end of year five if the going-out capitalization rate is 9%.

A. $988,900.00

B. $1,465,037.00

C. $1,538,289.00

D. $1,615,203.00