NO SPREADSHEET SOLUTION ALLOWED, ALL WORK MUST BE DONE BY HAND, READ CAREFULLY. A retired couple plan to purchase a rental property for $400,000. It is expected that the annual income before taxes will vbe $31,000 for the next 8 years. It is also expected thayt the property can be sold for $469,000 at the end of that time period. The applicable effective tax rate is 52%. The annual operating cost is projected to be $4,500 and the gain on ther poperty sale will be taxed 40%. a) Tabulate the cash flow after taxes for the years of ownership using STRAIGHT-LINE depreciation over 20 -year life with a 40% salvage value. b) Determine the Rate of Return on the after tax cash flows. (TIPS: Break down the data and then create a depreciation/tax table with these headings: Year, CFBT, Depreciation, Book Value, Taxable Income, Taxes and CFAT. To compute total CFAT for year 8 need to consider the normal CFAT for year 8 fro the table and the selling price, capital gain tax, recaptured depreciation tax. Then draw CFD for the CFAT for years 0 through 8. From this CFD write the NPW Balacing Equation and compute the ROR, iteratopn is required.)