9. (a) A property pays rent annually in arrears and has rent reviews every n years. The most recent review has just been completed and the rent for the next n years will be R per annum. It is expected that rents will increase at the compound rate g at each future rent review, in perpetuity. Show that the price required to yield i per annum effective on the property is given by: 1+j P = R* an* where j = 17" - 1 and an is calculated at i. (b) The rental income on a property is currently 1,000,000 per an- num. The rent is subject to review every three years and the next review is on 1 September 2015. An investor is considering a pur- chase of the property on 1 September 2015. What price should be paid to give a yield of 8 % per annum effective if it is assumed that rent will increase by 12 % compound at each rent review