Your friend Paul asks you opinion as to whether an office building he owns is performing well, about as you would expect, or poorly. (a) (4 points) Paul reports that an appraisal he commissioned on the property 12 months ago reported a value of $1.5 million, You reach out to some brokers and owners you know who feel he could achieve a net sale price (after all costs) of $1.59 million today. What appreciation return did Paul achieve this past year? Show your work. $1,500,000.00/$1,590,000.000=6% Grading Guidelines: 2 points for showing work, 2 points for correct calculation Question \#2 (Continued): (b) (4 points) The same brokers and owners from the above report that the average total return for over the last 12 months for this type of property in Paul's area is 9.0%. What is the minimum amount of annual income Paul would have needed to have earned this past year in. order.to equal the market average total return? Show your work. 1.09$1,500,000.00=$1,635,000.00 Grading Guideline: 2 points for showing work, 2 points for correct calculation