Use the following information to answer the questions. Commercial Property Leaseable space= 300,000 sqft Cap Expenditures = 20% of EGI Average Annual Rent = $17.00/Sqft LTV = 80% Average Annual Growth = 2.5%/year Loan Interest Rate = 6% V&C Losses = 8% of PGI Amortization = 30 yrs Operating expenses = 35% of EGI % Bldg/Total Value = 75% Miscellaneous Income = $1.50/sqft Corporate tax rate = 30% MI annual growth = 2%/year Cap Gains tax rate = 15% going-out cap rate = 10.5% accum dep tax rate = 25% discount rate = 6% purchase price = $22.5M What is the equity dividend rate? A 10.3% B 22.6% C 32.6% D 25.5% What is the IRR of the before-tax unlevered cash flows? A 9.19% B 18.34% C 17.76% D 14.47%