Please show all the calculations

Q20. You work as an investment banker in Wall Street and you are considering to buy an apartment in Manhattan. The property will cost you $3 million today. However, you have an option to sell your property in the next 5 years for $4 million. Assume that you earn no rental income on your apartment for the next five years. i As an investment banker, you are fully aware that the interest rate today is 8% and it remains constant for the next five years. What is the present value of the sales price of your property? ii. Explain whether or not the investment in this property is a good deal. 111. Would your answer in part (b) change if you're able to rent out your property and, by doing so, you will earn $200.000 per-year rent on the property? Assume that the rent is paid at the end of each year