73. You just start your career as a business analyst in Vanguard Australian and your manager ask you to valuate two similar property leases in the market. The rental cash flows of these two leases are given in the table below. Property Rental cashflows per year Lease term Hoyts cinema, Forest Hill $90 million in advance 4 years Village cinema, Glen Waverley $105 million in arrears 4 years a) If Vanguard Australia usually requires 12% return on similar investments, what are the prices you would recommend to pay for the two leases? b) If both leases are selling for $310 million in the market, without calculation, compare the rate of return of the two leases with the required rate of return of 12%, and identify which investment, if any, Vanguard Australia should purchase