Suppose that examining a pro forma reveals that the fifth-year net operating income (NOI) for the subject property you are analyzing is $151,800. The projected first-year net operating income (NOI) is $202,000. Using data from comparable properties, you have determined the overall capitalization rate to be 10.00%, and the going-out cap rate to be 33.00%. If, what is the indicated value of the subject using direct capitalization? $460,000$2,020,000$1,518,000$612,121