An engineer co-owns a real estate rental property business, which just purchased an apartment complex for $3,500,000, using all equity capital. For the next 8 years, an annual gross income before taxes of $480,000 is expected, offset by estimated annual expenses of $100,000. The owners hope to sell the property after 8 years for the currently appraised value of $4,050,000. The applicable tax rate for ordinary taxable income is 30%. The property will be straight line depre- ciated over a 20-year life with a salvage value of zero. Neglect the half-year con- vention in depreciation computations. (a) Tabulate the after-tax cash flows for the 8 years of ownership, and (b) deter- mine the before-tax and after-tax rates of return. Use either hand or computer pre- sentation of the CFAT tabulation template in Table 17-3, altered to accommodate this situation