You are preparing a five-year proforma for ACME Apartment Realty Fund I. The fund has the following data; $100M in total assets with 65% debt at 6% interest only, risk-free rate of 3.5%, ownership split of 75%/25%, the preferred return of 9%, the inflation rate of 3%, and portfolio Page 6 of 10 valued at a 6.0% cap rate. What is the preferred return projected to be paid in year two of the proforma? 

a. $3,150,000 

b. $1,050,000 

c. $2,280,000 

d. $2,100,000