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Roger and Omar opened a spa a few years ago and the business has been good. So, the pair decide to sell the spa now

Roger and Omar opened a spa a few years ago and the business has been good. So, the pair decide to sell the spa now to capture the best return. The underwriter requests the pro forma statements showing future projected cash flows from the spa in order to determine a value. Which approach of valuation is the underwriter using ? Please also name and describe two other approaches to appraisals / valuation.

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