The calculated internal rate of return of 8.47 percent on an unleveraged property at a purchase price of $500,000 was labeled the most-likely case. However, after reviewing other data, you also developed alternative net operating income estimates and calculated best-case and worst-case internal rates of return as 10.23 percent and 6.04 percent, respectively. If the following probabilities are assigned to the above internal rate of return scenarios, what is the expected internal rate of return for this property at a purchase price of $500,000? (Round to two decimal places.)

Scenario	Probability
Best Case	.15
Most Likely Case	.75
Worst Case	.10

Group of answer choices

8.48 percent

10.23 percent

6.04 percent

8.47 percent