You are considering the purchase of an apartment complex. The following assumptions are made: - The purchase price is $1 million. - Potential gross income (PG) for the first year of operations is projected to be $171,000. - PGI is expected to increase 4 percent per year. - No vacancies are expected. - Operating expenses are estimated at 35 percent of effective gross income. Ignore capital expenditures. - The market value of the investment is expected to increase 4 percent per year. - Selling expenses will be 4 percent. - The holding period is four years. - The appropriate unlevered rate of return to discount projected NO/s and the projected NSP is 12 percent. - The required levered rate of return is 14 percent. - 70 percent of the acquisition price can be borrowed with a 30 -year, monthly payment mortgage. - The annual interest rate on the mortgage will be 8 percent. - Financing costs will equal 2 percent of the loan amount. - There are no prepayment penalties. i. Calculate the (levered) required initial equity investment. (Enter your answers in dollars, rather than in millions of dollars. Round your "Loan amount" answer to 2 decimal places.) j. Calculate the before-tax cash flow (BTCF) for each of the four years. (Do not round intermediate calculations and round your final answer to nearest whole dollar amount.) k. Calculate the before-tax equity reversion (BTER) from the sale of the property. (Do not round intermediate calculations and round your final answer to nearest whole dollar amount.)