Mr Michael, a London based property investor wishes to invest approximately E2,500,000 in UK property. Mr. Michaels cost of capital is 69%. He has identified the opportunities below: Central London Central London 5 two bed room 25 Shudio flats for fats in East students in Property Family Home Londan 2 500000 5.000 Price Rent 1 Rent 2 Rent 3 Rent 4 2,3.000 2.000000 E107,500 008 650 10000 61050002.5000 920 6105,000 105,000 Estimated- resale value Annual costs Maintenance cost Property Insurance 15000 10000 E1,000 2.000 a) Calculate the Net Present Value of each of his four opportunities and advise him which investment to make (25 marks) b) Outline the risks of i in UK property in general and any specific risks for each of investments (15 marks)