You have generated two Offers on a property. One is an All-Cash Offer of $5,000,000. The second is for a price of $5,250,000, but includes a $1,000,000 Purchase Money Note to be carried back by the Seller for 5 years at 5% interest only payable monthly. The Note will be paid in full at the end of 5 years. Your client is willing to carry back a Note but believes that it should bear interest at 10%. Assuming the buyer insists on the 5% interest rate, what is the true value of the Second Offer if the Seller wants a 10% interest rate? In other words, what is the discounted value of the proposed Note? Use the sellers required interest rate (10%) as the discount rate (discount monthly).