\begin{tabular}{l|c|c|c|c|} \hline Total project value (\$) & $35,000,000.00 & & & \\ \hline & & & & \\ \hline Debt & & & & \\ \hline Option & A & B & D & \\ \hline Loan-to-value & 65% & 70% & 70% & 50% \\ \hline Rate (\%) & 3.25% & 3.25% & 3.00% & 4.25% \\ \hline Interest only period (years) & 3 & 3 & 0 & 0 \\ \hline Amortization (years) & 20 & 30 & 30 & 30 \\ \hline \end{tabular} Assume the project generates a net operating income (NOI) of $2,100,000 per year. If we finance the project with Option C, what is the average cash-on-cash percentage for the life of the project? A. 6% B. 8% C. 10% D. None of the above