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Consider an income producing property. The value of the property at time 0 is 10. The propertys initial net operating income (NOI) is 1. The

Consider an income producing property. The value of the property at time 0 is 10. The propertys initial net operating income (NOI) is 1. The NOI is expected to increase as follows: 1 at time 1, 2 at time 2, 3 at time 3, and so on. The investor plans to sell the property at the end of time 3. Suppose the terminal capitalization rate and the going-in capitalization rate are the same. Calculate the resale value at the end of time 3.

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