After graduation, you put together a proposal and managed to purchase a building downtown for $5 million and financed the acquisition with a 70 LTV interest only loan. Three years later, you sold the property for $6 million. Assume 70% of the property was attributed to structure and that the structure was depreciated over a 40-year period. Also assume that capital gains are taxed at 15% and that accumulated depreciation is taxed at 25%. Also assume a 3% sales cost for the building and a 50 basis-point prepayment penalty for the loan. What would be your net profits?