You would like to sell your investment property. It currently has an annual net operating income of $35,624 with a free cash flow of $2,538. You estimate that properties have appreciated at 3.54% over the last year. Your real estate agent has informed you that similar properties have sold for a cap rate of 7.52%. What is your estimated current value of the property?

Answer should be formatted as a percent with 2 decimal places (e.g. 99.99).

Please demonstrate using excel.