1.a.) De-smooth each NPI appreciation index using the appraisal de-smoothing methodology. 1.b.) Use the de-smoothed NPI appreciation indexes to compute an annual (de-smoothed) holding period return for each property type. 1.c.) Calculate the annual (smoothed) holding period return for each property type. \begin{tabular}{|r|r|r|r|r|r|r|r|} \hline 39 & 149.59 & 2014 & 0.055728086 & 0.075686543 & 0.131414629 & 229.49 \\ \hline 40 & 161.71 & 2015 & 0.051879716 & 0.100735718 & 0.152615433 & 252.61 \\ \hline 41 & 164.51 & 2016 & 0.048560013 & 0.041591501 & 0.090151514 & 263.12 \\ \hline 42 & 167.17 & 2017 & 0.047006509 & 0.009654358 & 0.056660867 & 265.66 \\ \hline 43 & 171.11 & 2018 & 0.046592611 & 0.024794501 & 0.02179811 & 259.07 \\ \hline 44 & 174.87 & 2019 & 0.047524142 & 0.028702236 & 0.018821907 & 251.63 \\ \hline 45 & 170.04 & 2020 & 0.040291941 & 0.115396257 & 0.075104315 & 222.60 \\ \hline 46 & 172.80 & 2021 & 0.047109201 & 0.005255817 & 0.041853383 & 221.43 \\ \hline \end{tabular} 1.a.) De-smooth each NPI appreciation index using the appraisal de-smoothing methodology. 1.b.) Use the de-smoothed NPI appreciation indexes to compute an annual (de-smoothed) holding period return for each property type. 1.c.) Calculate the annual (smoothed) holding period return for each property type. \begin{tabular}{|r|r|r|r|r|r|r|r|} \hline 39 & 149.59 & 2014 & 0.055728086 & 0.075686543 & 0.131414629 & 229.49 \\ \hline 40 & 161.71 & 2015 & 0.051879716 & 0.100735718 & 0.152615433 & 252.61 \\ \hline 41 & 164.51 & 2016 & 0.048560013 & 0.041591501 & 0.090151514 & 263.12 \\ \hline 42 & 167.17 & 2017 & 0.047006509 & 0.009654358 & 0.056660867 & 265.66 \\ \hline 43 & 171.11 & 2018 & 0.046592611 & 0.024794501 & 0.02179811 & 259.07 \\ \hline 44 & 174.87 & 2019 & 0.047524142 & 0.028702236 & 0.018821907 & 251.63 \\ \hline 45 & 170.04 & 2020 & 0.040291941 & 0.115396257 & 0.075104315 & 222.60 \\ \hline 46 & 172.80 & 2021 & 0.047109201 & 0.005255817 & 0.041853383 & 221.43 \\ \hline \end{tabular}