The Property Development Group (PDG) is considering the purchase of a large commercial property block in central Paris. The cost of the property is E5.6 Billion and the anticipated act rental income from the properties is as follows: PDG expect to sell the property at the end of year 5 for E6.0 Billion. PDG enjoy net investment returns in the order of 16% to 18% p.a. on their existing investments, and are not interested in investments with a return less than 15%. (reminder El Billion = E1000 million) Using DCF techniques, evaluate the above investment opportunity for PDG, and give an approximate estimation of the actual Wit expected to be earned. (15% Discount Factors - Years 1 to 5: 0.870; 0.756; 0.658; 0.572; 0.497). (100 marks)