问题如下：
Based on the direct capitalization method, the appraiser’s current value of the New York City office building is closest to:
选项：
A.
$249,600,000.
B.
$271,300,000.
C.
$297,100,000.
解释：
C is correct. The value of a property = NOI/(r − g), where r = the discount rate (required return) and g = the growth rate for income (given constant growth in income, value will grow at the same rate). Therefore, the building’s value is calculated as follows: $15,600,000/(5.75% – 0.50%) = $297,142,857 ($297,100,000 rounded).
A is incorrect because a property value of $249,600,000 is incorrectly calculated as follows: $15,600,000/(5.75% + 0.50%) = $249,600,000.
B is incorrect because a property value of $271,300,000 is incorrectly calculated as follows: $15,600,000/5.75% = $271,300,000.
看到有其他同学之前的提问，感觉回答没有解释清楚为什么这里的IRR就是Re。
