You are considering purchasing an office building for $1,800,000. You expect the potential gross income (PGI) in the first year of operations to be $350,000; vacancy and collection losses to be 7 percent of PGI; and operating expenses and capital expenditures to be 35 percent of effective gross income (EGI). What is the implied first year overall capitalization rate? O a) 9.50% Ob) 10.26% O c) 10.49% O d) 11.75% Oe) 13.20%