6 Q An investor has purchased a $1,850,000 property which produced annual Net Operating Income [NOI] of $125,000 in the first year of operations. The property was financed with a fully amortising constant payment loan with a 60% Loan-to-Value ratio loan with monthly payments over 20 years at an annual interest rate of 7.19%. The NOI is expected to increase by 3.00% in Year 3 and in Year 5. The property will be held for five [5] years and then sold using a capitalisation rate of 4.20%. The investor's Required Rate of Return is 15.00%. Estimate the annual pro forma and calculate the Net Present Value of the equity investment. Enter your answer rounded to the nearest whole dollar (e.g. 123). Maximum marks: 4