(a) Calculate the present value of after-tax cash fl ow for the property, assuming that the after-tax cash-fl ow numbers are $8000 for the fi rst year, $8400 for the second year,

$8800 for the third year, $9200 for the fourth year, and

$9600 for the fi fth year, and that the selling price of the property will be $220,000 in fi ve years. Prepare your information in a format similar to Table 16.3, using Appendix A.2 or the Garman/Forgue companion website to discount the future after-tax cash fl ows to their present values.