Assignment Instructions- Read the following questions and answer them to the best of your ability.- Please write your answers in the format 1)\(\$ 100.55\),2-a)\(10.60\%\),2-b)\(\$ 40\), etc. and submit. You do not have to attach any file.- You have only one attempt to submit, so please review your answers before submission.- Turn in your answers via the assignment submission section below. Questions1. Eva Investment Company is considering the purchase of an office property. It has done an extensive market analysis and has estimated that based on current market supply and demand relationships, rents, and its estimate of operating expenses, annual NOI will be as follows:It is further expected that beginning in year 5 and every year thereafter, NOI will tend to reflect a stable, balanced market and should grow at 3\% per year indefinitely. Eva believes that investors should earn a 12\% return (r) on an investment of this kind.Assuming that the investment is expected to produce NOI in years 1-5 and is expected to be owned for 4 years and then sold, what would be the value for this property today? (compute your answer using 4 decimals and round your final answer to whole numbers)2. Based on your analysis for questions 1, What is the Going In Cap Rate? 3. Lake Hill investors is considering the purchase of the undeveloped Tract of Land. It is currently zoned for agricultural use. If purchased, however Lake Hill must decide how to have the property rezoned for commercial use and then how to develop the site. Based on its market study, Lake Hill has made estimates for the two uses that it deems possible, that is, office or retail. Based on its estimates, the land could be developed as follows:\begin{tabular}{|l|l|}\hline & Office \\\hline Rentable square feet & 50,000\\\hline Rents per square foot & \$20\\\hline Operating Expense Ratio & 45\%\\\hline Average growth in NOI per year & 3\%\\\hline Required return (r) & 13\%\\\hline Total construction cost per square foot & \$100\\\hline\end{tabular}What is the residual land value for Office development? (compute your answer using 4 decimals and round your final answer to whole numbers)4. Lake Hill investors is considering the purchase of the undeveloped Tract of Land. It is currently zoned for agricultural use. If purchased, however Lake Hill must decide how to have the property rezoned for commercial use and then how to develop the site. Based on its market study, Lake Hill has made estimates for the two uses that it deems possible, that is, office or retail. Based on its estimates, the land could be developed as follows:\begin{tabular}{|l|l|}\hline & Retail \\\hline Rentable square feet & 45,000\\\hline Rents per square foot & \$22\\\hline Operating Expense Ratio & 40\%\\\hline Average growth in NOI per year & 3\%\\\hline Required return (r) & 14\%\\\hline Total construction cost per square foot & \$110\\\hline\end{tabular}What is the residual land value for Retail development? (compute your answer using 4 decimals and round your final answer to whole numbers)5. Based on your analysis for questions 2(Office) and 3(Retail), Which property type has the