What is the equity multiple for this investment? Use before tax cash flows. 2.52x 2.46x 2.02x None of these are correct 2.27x 2.40x Purchase price $400,000 LTV 70% Term & Am 20 years Interest rate 4.00% $6,000 Closing costs Holding period years fixed each year Annual income taxes $5,000 30% Marginal tax rate Taxes due on sale Discount rate (before tax) $100,000 15% YEAR O Operations NOI CAPEX PBTCF Reversion YEAR 1 YEAR 2 YEAR 3 YEAR 4 $ 32,000 $40,000 $ 45,000 $ 50,000 $ (5.000) $_(2.000) $_(8.000) $ O 27,000 $ 33,000 $ 37,000 $ 50,000 YEAR 1 YEAR 2 YEAR 3 YEAR 4 $ 500,000 $_115.000) $ 485,000 YEAR O FSP SE NSP