1. Rents and market values are closely related. a. The discount rate is i. Give a general expression for the market value of a property that promises to yield a series of after tax rents, r1, r2, r3, r4,. .. b. Consider a vacant acre of land that rents for $15000 per year after taxes. Assume this rent will hold in the iture. The discount rate is 7%. What should be the market value of this parcel