Year	NOI	PV Lump Sum Factor at 10%	PV
1	$91,670	.9091	$83,337
2	$94,420	.8264
3	$	.7513
4	$	.6830	$
		Total PV and Appraised Value	$

The values in Table 1 (Yellen Apartments) are partially filled in. The NOI is projected to grow at 3% per year for four years and at 2% thereafter. The going out cap rate is 12%.

The horizon value is:

a. $1,135,266

b. $1,031,750

c. $1,021,737