单选题 An investor purchases a property for $1000000, financing 92 percent of the purchase price. He plans to sell the property four years later for $1200000. The expected net cash flows for the investment are as follows:

A、 Year 1
B、 $23450
C、 Year 2
D、 $25312
E、 Year 3
F、 $27879
G、 Year 4 ( net of mortgage payoff)
H、 $261450

【正确答案】 C

【答案解析】
The present value of the cash flows is: $23450/1.09 + $25312/1.09² + $27879/1.09³ + 261450/1.09⁴ = $249563.83. The NPV is the present value of the cash flows minus the initial investment: $249564- $80000 = $169564.