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You expect $ 1 5 0 , 0 0 0 in net operating income ( NOI ) for in the 1 st year, $ 1

You expect $150,000 in net operating income (NOI) for in the 1st year, $175,000 NOI in the 2nd year, and $200,000 NOI in the 3rd year, and then a sale (reversion) of $450,000 in the last year (wihtout any NOI that year). What is the present value of this income stream with a 9% discount rate?

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