The asking price for the property is $1,000,000; rents are estimated at $200,000 during the first year and are expected to grow at 5 percent per year. Vacancies and collection losses are expected to be 10% of rents. Operating expenses will be 35 percent of effective gross income. Capital expenditures will be 5% of effective gross income. A 30-year fixed rate loan for 70 percent of the purchase price can be obtained at 10 percent interest rate. The operty is expected to appreciate at 3 percent per year and is expected to be owned for seven years and then sold. The sale cost is 6% of the sale price. The investor tells you he would also like to know how tax considerations affect you ent analysis. You determine that the building represent 90 percent of value and be depreciated over 27.5 years. The potential investor indicates that he is in the 28 tax bracket. Capital gains tax rate is 20% while depreciation recapture tax rate is 25%. Write down the cash flows pro forma for year 1 to year 7. (5 points)