The following set of NOI is generated by a property that was held for exactly 4 years:

Year	1	2	3	4
NOI	$50,000	$55,000	$55,500	$56,500

The property was purchased for $600,000 and sold at the end of Year 4 for $780,297.50. The IRR is 15%. Identify the part of IRR that is attributable to the growth in NOI (NOI_IRR) and net capital appreciation (NetG_IRR).

a.

NOI_IRR = 0.26%, NetG_IRR = 3.25%

b.

NOI_IRR = 0.28%, NetG_IRR = 2.58%

c.

NOI_IRR = 0.45%, NetG_IRR = 2.14%

d.

NOI_IRR = 0.15%, NetG_IRR = 3.47%

e.

NOI_IRR = 0.33%, NetG_IRR = 2.50%