The following information applies to the next three questions: Suppose an office building in central Paris is anticipated to produce an NOI of 800 Euros per square meter next year. Thereafter, NOI is expected to grow at a rate of 3% per year indefinitely. You can purchase the property at a 5% cap rate. You plan to hold the property for 5 years. You feel pretty confident that rents will indeed grow at 3% annually. The big unknown in your mind is what the terminal cap rate will be. Based on some consultancy reports you've seen, there is a 50% chance that the property will sell at the going-in cap rate, a 20% chance that the property will sell at a 6% cap, and a 30% chance that the property will sell at a 3.5% cap. You buy the property with 100% equity. What is your IRR (in percent) under the most likely scenario