2. An investor is considering the purchase of a small office building. The NOI is expected to be the following: year 1, $200,000; year 2 and year 3, growth 5%; year 4, growth 3%, and year 5 and thereafter 1%. The investor plans to pay all cash for the property and wants to eam a 10 percent return on investment (IRR) compounded annually. a. What should be the property value (REV) at the end of year 4? b. What should be the present value of the property today? c. Based on your answer in (b), if the building could be reproduced for $2,300,000 today, what would be the underlying value of the land