The following represents the projected cash flows from a retail center. Using this income stream, what

purchase price, assuming an all$-$cash investment, would provide an overall yield of $12\mathrm{.}00\%?$

Cash Flows:

Year $1-$ $$750,000$

Year $2-$ $$760,000$

Year $3-$ $$775,000$

Year $4-$ $$850,000$

Year $5-$ $$930,000,$ plus the proceeds from a sale of the property at the end of Year $5.$

That sale price is projected by using estimated Year $6$ income of $$950,000,$ divided by a Terminal Cap Rate of $7\mathrm{.}00\%.$

$$10,748,860$

$$10,595,830$

$$11,320,212$