1. _{Present Value Valuation Concepts] Assume that for $100,000, you sell a 10 percent ownership stake in a future payment one year from now of $1.25 million. A. What are you saying about the implied return for the 10 percent owner? In other words, how many dollars can the investor expect to receive in return in one year? What is the rate (or percentage of this return on the original investment? B. What is the present value of the entire $1.25 million, using the implied return from Part A? C. What is 10 percent of the value determined in Part B? D. Does it matter whether you grow the $100,000 at 25 percent to $125,000 and note it is 10 percent of $1.25 million, or discount the $1.25 million at 25 percent to get $1 million and note that $100,000 is 10 percent of this present value