The table below provides 8 years of projected cash flows for a property that you have been asked to value using the discounted cash flow approach to income valuation. Calculate the net sale proceeds for this property if you sell it at the end of year 7 using the following assumptions: Going-in cap rate: Going-out cap rate: Discount rate: Selling expenses: 6.5% 6.25% 12% 3% of future selling price Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 PGI $525,000 $551,250 $578,813 $607,753 $638,141 $670,048 $500,000 $425,000 S255,000 $703,550 $598,018 EGI S446,250 $468,563 $491,991 $516,590 $542,420 $569,541 NOI $267.750 $281,138 $295,194 $309,954 $325,452 $341,724 $358,811 $5.30 million $5,57 million $5.10 million $5.35 million