When estimating the terminal value $of$ a property $(i.e.,$ the estimate $of$ the sale price $at$ the end $of$ the expected holding period$),an$ appraiser will commonly use the direct capitalization approach. $In$ this use $of$ direct capitalization, the appraiser will divide the projected NOI for $1$ year beyond the end $of$ the holding period $by$ which $of$ the following?

Multiple Choice

discount rate

going$-in$ cap rate

going$-$out cap rate

gross income multiplier