You are considering purchasing an office building for $2,500,000. You expect the potential gross income (PGI) in the first year of operations to be $450,000; vacancy and collection losses to be 9 percent of PGl; and operating expenses and capital expenditures (combined) to be 42 percent of effective gross income (EGI). Required: a. What is the estimated net operating income? b. What is the implied first-year overall capitalization rate? (Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).) c. What is the effective gross income multiplier? (Round your answer to 2 decimal places.)