Suppose that examining a pro forma reveals that the fifth-year net operating income (NOl) for the subject property you are analyzing is $261,700. The projected first-year net operating income (NOI) is $267,000. Using data from comparable properties, you have determined the overall capitalization rate to be 20.00%, and the going-out cap rate to be 22.00%. If, what is the indicated value of the subject using direct capitalization? $1,335,000$1,189,545$1,308,500$1,213,636