Using the expected cash flows given above, what is the estimated value of the

property, $V_0,$ if purchased using "all cash" and if estimated using the discounted cash flow

$($DCF$)$ approach? Assume the overall required return unlevered is $8$ percent; the required

return of the equity investor if levered is $15$ percent; the "going$-$in$"$ capitalization rate,

Ro$,$ is $5\mathrm{.}5$ percent; the terminal capitalization rate, Rt$,$ is $6\mathrm{.}0$ percent; and a five$-$year

holding period. $(8$ pts $-$ show work$)$