Year 1	Year 2	Year 3
Potential Gross Income		200,000	206,000	212,180
Vacancy & Collection Loss		(10,000)	(10,300)	(10,609)
Effective Gross Income		190,000	195,700	201,571
Total Operating Expenses		(66,500)	(68,495)	(70,550)
Net Operating Income		123,500	127,205	131,021

ASSUMING: An investor purchased the above property for $1,300,000 by securing a loan based on a 75% loan to value (LTV). After three years, the owner sold the property for $1,600,000 and paid off the balance of the note. The required rate of return (unleveraged and leveraged) for the investor is 15%. The loan was a 25 year amortized loan with monthly payments based on a 6% interest rate.

What is the "going-in" capitalization rate for this property