The use of financial leverage in purchasing an income-producing property can affect the amount of cash required at acquisition, the before-tax cash flows, the before-tax equity reversion, and the ultimate return on invested equity. Assuming the going-in rate of return is greater than the effective borrowing cost, if an investor increases its leverage rate (for example, from 75% to 80%), one would expect which of the following to occur?

A. Both NPV and going-in IRR increase B. NPV decreases, while going-in IRR increases C. Both NPV and going-in IRR decrease D. NPV increases, while going-in IRR decreases