You are presented with the opportunity to purchase a small apartment complex that you plan to keep for five years and then sell. The cash flows are as

follows:

Year 1: $50,000

Year 2: $50,000

Year 3: $60,000

Year 4: $60000

Year 5: $560,000

What is the most you can pay for this property and still make a return of 11%?

$483,099.49

$465,732.82

$780,000

$501,354.25