THE NEXT THREE (3) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Lucy Landlord, the fee owner of a commercial parcel of land, leased it 10 years ago to Susie Simple with a 30-year lease term of $25,000 per annum on a net basis. Five years ago, the land value had increased to the point that the market rent was reasonably estimated at $45,000 on the same terms and conditions. At that time (five years ago), Susie subleased to Monica Mystery at the $45,000 market rent. Today, the market rent has increased to $55,000 per annum. Note that all lease payments are payable in advance. Land value is appraised at $500,000 and the discount rates to be applied are 6% per year for Lucy, 7% per year for Susie, and 8% per year for Monica. All rates are compounded annually. Based on the above information, calculate the value of each party's interest. 13. The present value of Lucy's interest is: (1) $459,855 (2) $442,650 (3) $344,120 (4) $450,000 14. The present value of Susie's interest is: (1) $211,880 (2) $226,712 (3) $196,363 (4) $200,000 15. The present value of Monica's interest is: (1) $98,182 (2) $100,000 (3) $106,036 (4) $212,072