Spreadsheet and ARGUS Problem. Use the Oakwood Apartments.SF file provided on the book Web site to use with ARGUS. This replicates the Oakwood Apartments example in the book. This same example is also solved with Excel in the Ch10_Apartment tab in the Excel Workbook provided on the Web site. Suppose investors required only a 9 percent rate of return (discount rate) instead of 11 percent and the terminal cap rate used to estimate the resale price was 8 percent instead of 9 percent.

a. Use the Excel template to see how your answer would change.

b. Use ARGUS to see how your answer would change.