Real Estate investment problem 1. A property is financed with an 85% loan-to-value ratio at 10% interest over 25 years. What would the before-tax IRR on equity (BTIRRe) be estimated at given that the before-tax IRR on the unlevered project (BTIRRp) is 10.75%? (a) 10.1% (b) 10.4% (c) 15.0% (d) 13.2%? Show your work