You are considering a property purchase for $1,500,000 with a 70% LTV 10year interest only loan at 7%. The first year's PGI is $180,000, and you expect a vacancy of 8%, and all expenses to be 35% of EGI. PGI will grow at 5% per year. You will sell the property at the end of year 5 at a cap rate of 9%. What is your before tax return on this investment? Do not round intermediate results. Enter your answer as a percentage, rounded to two decimal places, but do not enter the "%" sign. For example, if your answer is 0.10456 = 10.456%, enter 10.46 (no %). You are considering a property purchase for $1,500,000 with a 70% LTV 10year interest only loan at 7%. The first year's PGI is $180,000, and you expect a vacancy of 8%, and all expenses to be 35% of EGI. PGI will grow at 5% per year. You will sell the property at the end of year 5 at a cap rate of 9%. What is your before tax return on this investment? Do not round intermediate results. Enter your answer as a percentage, rounded to two decimal places, but do not enter the "%" sign. For example, if your answer is 0.10456 = 10.456%, enter 10.46 (no %)