Ace Investment Company is considering the purchase of the Apartment Arms project. Next year's NOI and cash flow is expected to be $2,000,000, and based on Ace's economic forecast, market supply and demand and vacancy levels appear to be in balance. As a result, NOI should increase at 2 percent each year for the foreseeable future. Ace believes that it should earn at least a 10 percent return on its investment. Assuming the above facts, what would the estimated value for the property be now? 16,000,000 20,000,000 16,666,667 25,000,000 2,000,000