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Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The remodeling costs are estimated at $ 3 . 8 million. If

Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The remodeling costs are estimated at $3.8 million. If the building is remodeled, Heartland Insurance has agreed to pay an additional $1 million a year in rent for the next five years. The discount rate is 12.5 percent. What is the benefit of the remodeling project to Professional Properties?

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