Using a discounted cash flow analysis, what is the value of a property with the following characteristics: 5-year holding period; Discount rate for the net operating income and for the reversion for the property is determined by the appraiser to be 12%; Resale is $3,300,000; Fist year's net operating income is $300,000; net operating income increases every year by 4% over previous year's net operating income. Vacancy rate is 6% of gross income. Operating expenses also increase at 4% per year