If you buy the Subject property, you are planning to hold it for three years then you would sell it$.$

When you sell it$,$ the terminal cap. rate you are going to apply is $11\%.($Hint: pls use this rate to calculate the reversion value, i$.$e$.$ sale price$)$

Your discount rate is $12\%$ per year. $($This is the rate to be used to discount the three NOIs in the next three years and the sale price$).$

How much will be your maximum offer for the subject property?

Group of answer choices