Last year, a property had an NOI $100,000 which is expected to increase by 3% per year. The investment horizon is 3 years at which time you expect the cap rate to be 10%. Determine the value of the property using the Discounted Cash Flow approach, for the three-year period. Use a 10% discount rate for the yearly cash flows and a 10% rate for the terminal value.

a. $1,052,810

b. $1,109,024

c. $1,369,990

d. $1,084,394

e. $984,397