You can buy a property today for $3.9 million and sell it in 5 years for $4.9 million. (You earn no rental income on the property.)

a. If the interest rate is 8%, what is the present value of the sales price?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.

b. Is the property investment attractive to you?

c-1. What is the present value of the future cash flows if you also could earn $290,000 per-year rent on the property? The rent is paid at the end of each year.

Note: Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.

c-2. Is the property investment attractive to you now?