Suppose that examining a pro forma reveals that the fifth-year net operating income (NOI) for the subject property you are analyzing is $170,000. The projected first-year net operating income (NOI) is $209,000. Using data from comparable properties, you have determined the overall capitalization rate to be 5.00%, and the going-out cap rate to be 31.00%. If, what is the indicated value of the subject using direct capitalization? $4,180,000$3,400,000$548,387$674,194