Jason is considering investing in building a property in order to receive rental income. He could buy the land now (year 0) for RM100,000. Construction costs of RM180,000 would be paid in year 1 . The building would have ten flats and each would have an annual rental of RM5,000. Jason thinks that he could rent out flats as follows: Total annual maintenance and management charges for the flats would cost RM12,000 plus 10% of the rent received. At the end of the year 4 , he would sell the building. Jason has consulted two different property dealers, Alan and Bob. Alan estimates the building could be sold for RM290,000. Bob estimates it could be sold for RM315,000. Jason's cost of capital is 10%. All cash flows are assumed to take place on the last day of the year. (a) (i) Calculate the net present value (NPV) of investing in the building, using Alan's estimation of the sale proceeds. (12 marks) (ii) Calculate the net present value (NPV) of investing in the building, using Bob's estimation of the sale proceeds