If the business owns their own property, they will need an initial outlay of $$1$ million. This is similar to the standard investment analysis, except that PGI would be zero. Thus, annual cash flow would be negative and include only operating expenses per year$)$ and debt service $($ $$319,345$ per year$)$ for a total cash flow of $($$$406,345).$ In year $10,$ there will be a positive cash flow of $$3,287,086$ from the equity reversion.

$\backslash$table$[[$re win,,,$],[$Buy: $C{F}_0,$initial equity,$($$$1,000,000),(1,000,000)$

HOW WE GET THE PV NUMBERS $?$