a) Consider the new ultra-deluxe Waterfront Residence. A low-end condominium is being sold for $2,000,000 and annual condo fees of 2 percent, paid by the owner, cover expenses like maintenance. Owners must also pay $20,000 in property taxes annually. Investors are renting these places to tenants at $100,000 per year. If the interest rate for the next year is 5 percent, and both the ownership and rental markets are in equilibrium, then investors must expect the growth rate in condo prices to be 5 percent