3 Problem 5-11 Present Values (LO2) 5 points You can buy property today for $4.0 million and sell it in 6 years for $5.0 million. (You earn no rental income on the property) of the interest rate is 9%, what is the present value of the sales price? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.) b. Is the property Investment attractive to you? 1. What is the present value of the future cash flows. If you also could earn $300,000 per year rent on the property? The rent is paid at the end of each year. (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.) c-2. Is the property investment attractive to you now? Answer is complete but not entirely correct. a 2.981 milion Present value Is the property investment attractive to you? Present value $ No b. 5 2750 million 1 C- 2 is the property investment attractive to you now? Yes