b) Homeshare rents out various newly built properties to low-income families. It has recently rented a flat to a client for 9,000 per year. A discount rate of 4% is used by Homeshare. Calculate the present value of this rental income assuming it is expected to continue in perpetuity and there will be: i) No growth in annual rental income ii) 1.5% growth in rental income. (1 mark) (2 marks)