The NOI of an office building that costs $600,000 with no debt is 50,000 in year one and increases at a 3% inflation rate and the property is sold at the end of year 5 for a 10% cap rate. The IRR or internal return rate on this building is?

a. 8.23%

b. 7.74%

c. 8.75%

D. 10.00%