The following end-of-year net operating income (NOI) and after-tax cash flow (ATCF) have been forecast for a property:

Year	NOI	ATCF
1	$300,000	$ (35,000)
2	$400,000	$15,000
3	$500,000	$75,000
4	$600,000	$160,000

At time zero, the property price is $2,000,000. An investor will buy the property by borrowing $1,800,000 at 10% interest, and paying $200,000 down. At the end of the fourth year, the investor believes the property can be sold for $2,500,000. The after-tax proceeds from the sale are forecast to be $285,000. If therequired rate of return is 12%, what is the net present value of the property?

	a.	$(76,184)
	b.	$104,939
	c.	$116,897
	d.	$(54,672)