Milford Place can be purchased today by your clients for $900,000 with a $675,000 loan. They intend to hold the property for four years selling it at that time to achieve net sales proceeds of $250,000. The required return rate is 12%. Using the following cash flow projections, determine your clients' investment value of the property. . Year 1 Year 2 $15,000 $40,000 $65,000 $70,000 + $250,000 = $320,000 Year 3 Year 4 1. What is the present value of equity? 2. What is the clients' total investment value? 3. What if the required return were 8%? What is the client's total investment value now? 4. What if the required return were 14%? What is the client's total investment value now? 5. Compare the investment values that you calculated using different required rates of return. How does the value change when the rate is lower or higher? Why