. You are preparing a five-year proforma for ACME Apartment Realty Fund I. The fund has the following data; $100M in total assets with 65% debt at 6% interest only, risk free rate of Page 6 of 10 3.5%, ownership split of 75%/25%, preferred return of 10%, inflation rate of 3% and portfo- lio valued at a 6.5% cap rate. What is the preferred return projected to be paid in year two of the proforma? a. $2,795,000 b. S1,050,000 c. $2,280,000 d. $2,100,000