The NOI is $1,000,000, the debt service is $800,000 of which $700,000 is interest, the depreciation expense is $250,000. What is the after-tax cash flow to the equity investor if the income tax rate is 33%?

	$183,500
	$182,400
	$195,000
	$650,000

If the market value cap rate (yield) on a certain type of property is 8%, and you expect the property to appreciate at 2.5% per year, what discount rate (total return) should be applied to determine the market value in a multi-year discounted cash flow (DCF) analysis?

	8.00%
	5.50%
	11.20%
	10.50%