Renith Investment Company is considening the purchase of an affice property li has done an extersive masket anntynits and has estimated that based on current market supply of demand relationships, fents, and its estimate of operating expenses; arinual Norwili be as follows A market that is currenty oversupplied is expected to result in cash flows remaining fat for the next three years at 51150.000 During years 4. 5. and 6, market rents aro expected to be highes it is further expected that beginning in year 7 and every year thereafter, NOI Will tend to refiect a stable, balanced market and should grow at 3 percent per yeat incefintely. Zenith belaves that irvestors shouid eain a 12 percent return ( f or an investment of this kind. Required: a. Assuming that the investment is expected to produce Nor in years 1 to 8 and is expected to be owned for seven years and then sold. What would be the value for this property today? (Hint. Begin by estimating the reversion value at the end of year 7 , Recall that the expected IRP=12% and the growth rate (g) in year 8 and beyond is estimated to remain level at 3% ) b. What would the terminal capitalization rate (RT) be at the end of year 7 ? c. What would the going-in capitalization rate (R) be based on year 1 NOR? Complete this question by entering your answers in the tabs below. Assuming that the investment is expected to produce NOI in years 1 to 8 and is expected to be owned for seven years and then sold, what would be the value for this property today? (Hint: Begin by estimating the reversion value at the end of year 7. Recall that the expected IRP=12% and the growth rate (g) in year 8 and beyond is estimated to remain level at 3%).(D. Show murev