What is the value of a property which has a current year NOI of $2,000,000, which will grow at 4% per year, and can be discounted at a rate of r=12%?

	$25,000,000
	$16,700,000
	$20,000,000
	None of the above

All of the following are components of the operating expenses of a property except:

	Property taxes
	Management expenses
	Electricity bill
	Income taxes
	Hazard insurance expense