Assume you buy a $500,000 property with a 5.25% cap rate. Recall that the cap rate is measured by comparing the property's price to its first year's NOI. Assume that NOI increases 2% per year, and you sell the property in five years at a cap rate of 5.5%. To the nearest $1,000 what will be the property price in five years?

Group of answer choices $541,000 $552,000 $527,000 517,000