Consider a building that has a $30-$year life $($i$.$e$.$ the building delivers no cash flows and has no value after $30$ years$),$ year $1$ NOI of $$30,000,$ annual NOI growth of $1\mathrm{.}5\%$ and a required return of $6\%.$ Assume the NOI is received annually at the end of each year.

What is the going$-$in cap rate $($based on the market value$)$ if you are buying at the end of year $10?$

Ignore income tax considerations.

Report your answer as a percentage to two decimal places. i$.$e$.$ if your answer is $5\mathrm{.}678\%,$ report $5\mathrm{.}69.$