5. Your client owns the freehold interest in well-situated shop premises recently let on an institutional type lease at a rent of $35,000 p.a. for a term of 25 years with 5-yearly reviews. The all risks yield is found to be 5%. Analysis of recent sales of comparable properties and rents on newly let properties indicate that income growth has remained steady at 4%. The property income stream is to be analysed to determine whether the investment property meets the investor's required return of 8%. Work out the equated yield using the trial rates of 7% and 9%. The use of a table to show the calculations is expected. (25 marks)