2) You are analyzing a property that is leased for $25,000 per year for the next 10 years. Fair market rent is currently $28,000 and is expected to increase by 2% per year. The property will be sold at the end of the 10 -year holding period at a price determined by a 11% terminal cap rate on the eleventh year NOI. The 11th year rents will be at the current fair market value. What is the value of the property based on a 12 percent discount rate