Q$3.[20$ Marks$]($a$)[3$ Marks$]$ A property pays rent monthly in arrears and has rent reviews every $\backslash ($ n $\backslash )$ years. The most recent review has just been completed and the rent for the next $\backslash ($ n $\backslash )$ years will be $\backslash ($ X $\backslash )$ per month. It is expected that rents will increase by a rate $\backslash ($ g $\backslash )$ compound at future rent reviews in perpetuity. Find the price required to yield $\backslash ($ i $\backslash$geq $\backslash$frac$\{$g$\}\{$n$\}\backslash )$ per annum effective on property. $($b$)\backslash ([17\backslash )$ Marks $\backslash (]\backslash )($i$)[9$ Marks$]$ Ted was considering investing in the shares in the Pure Honey company on the $1$st of October $2023.$ The next dividend is payable in exactly one year and will be $\backslash (1\mathrm{.}50\backslash )$ per share. After that the dividends are paid annually and expected to grow at a constant rate of $\backslash (2\backslash \%\backslash )$ per annum. Dividends are assumed to be paid in perpetuity. Ted pays income tax at $\backslash (25\backslash \%\backslash )$ on $31$st of December on all income received in that calendar year. Ted wishes to obtain a net rate of return from the shares of $\backslash (7\backslash \%\backslash )$ per annum effective. Calculate the price that Ted would pay for one share. $($ii$)[8$ Marks$]$ Ted bought $1,500$ shares on $1$st October $2023$ for the price of $\backslash (23\backslash )$ per share. He received the dividend of $\backslash (1\mathrm{.}50\backslash )$ per share on $1$st October $2024$ and paid the income tax of $\backslash (25\backslash \%\backslash )$ on all dividends at that time instead of $31$st December. Ted then sold all his shares immediately on $1$st October $2024$ for $\backslash (30\backslash )$ per share. Capital gains tax was then charged on all capital gains at a rate of $\backslash (35\backslash \%\backslash ).$ Suppose that on $1$st October $2023$ the index of retail prices was $144$ and on $1$st October $2024$ it was $149.$ Calculate the net money yield and net real return earned by Ted. Which is larger and why? no excel no chatgpt on paper please