because of existing leases, a propert is projected to have noo of $189,897$ per year for each of the next $5$ years. all of the leases will have expired at the end of $5$ years. if the propert were not encumbered by existing leases, the appraiser estimates that the noi would be $1,746,234$ for the first year and increase by $3\%$ percent each year over a projected holding period of $5$ years. estimate the value of the leased fee estate by discounting the appropriate cash flows at all $11$ percent discount rate