As part of your long-term financial plan, you have decided to invest in a property. Your plan is to buy a property that you can renovate and paint, then obtain a tenant and then sell the property in 3 years or so for capital gain. You are currently considering two property choices. The estimated net income for each property for each year is as follows: Year 1 Year 2 Year 3 Property X $22 000 $23 000 $24 000 Property Y $24 000 $25 000 $26 000 Property X requires an outlay of $280 000 to acquire the property and initial costs of $60 000 to upgrade the property before it could be rented. The estimated selling price at the end of the 3-year period is $420 000. Property Y requires an outlay of $250 000 and initial costs of $40 000. The estimated selling price at the end of the 3-year period is $390 000. You will borrow most of the funds required to purchase the chosen property. Regardless of interest payments, you want to know which property is the best value to invest in. The rate of return that you expect from an alternative investment choice is 8% p.a. Based on the above information, which property would you purchase? Why? Show all calculations clearly