An investment company considers to purchase of the Apartment Lakeshore project. The year 1 NOI is expected to be $2,000,000, and based on the recent economic forecast, market supply and demand and vacancy levels appear to be in balance. As a result, NOI should increase at 4% each year until year 5 and then the growth rate will maintain at 2% per year from year six to the end of its economic life. The Apartment Lakeshore will be sold at the end of year 5. It is believed that it should earn at least a 13% return on its investment. a) What is the terminal cap rate at the end of year 5? b) What is the reversion value (REV) of the property at the end of year 5? c) What should be the property value today? d) What is the going-in cap rate (i.e., first-year cap rate)?