Consider a property purchased in year 0, and sold in year 4. In years 1, 2, 3, and 4, NOI is equal to $500,000, including capital reserve expenses of $20,000 a year. The property is bought for $5,000,000 in year 0, and will sell for $6,000,000 in year 4. Depreciation is straight line to zero, and takes place over a period of 27.5 years. The assessed land value in year 0 is $1,500,000. The property is purchased with a CPM of $2,000,000, with maturity of 30 years, annual payments, and interest rate of 6%. There is an initial CAPEX in year 0 of $500,000, which is then depreciated over a period of 10 years, and a CAPEX in year 4, before selling the property, which is paid with the capital reserve. The marginal income tax rate of the equity investor is 37%. Assume that the investor will be able to conduct a 1031 exchange transaction when selling the building, and so will not have to pay capital gain taxes at sale. Also, assume that the investors can benefit from interest rate tax shields. a Construct the EATCFs fo