You require a 9% annual return on year investment. You can buy a real estate project with the following expected cash flows, year one $100,000, year two $125,000, year three $150,000 and year four $650,000. What would you pay?

You require a 6% annual return on year investment. You can buy a real estate project with the following expected cash flows, year one $200,000, year two $125,000, year three $150,000 and year four $750,000. What would you pay?