1. What is the NPV of the following cash flows at a discount rate of 7.5%?

   I can purchase for $2,000,000, makes $100,000 in year 1, $100,000 in year 2, 120,000 in year 3, 150,000 in year 4 and can sell at the end of year 4 for a cap rate on its year 4 income of 5%?

   		477,148
   		444,789
   		590,580
   		478,148
   		634,873