1. William Smith, the junior partner in the firm of Jones, Brown, and Smith, has been offered, for $2.15 million, an apartment complex that is expected to generate after-tax cash flows from operations as indicated in the following chart. The forecast incorporates a first mortgage loan of $1.5 million. Smith expects to sell the property after seven years and the best estimate of after-tax cash flow from disposal is $740,000. Using a 10% discount rate, compute the following: a. Net present value b. Profitability index c. Approximate investment value