Suppose an office building has a single tenant who pays $50,000 per year at the end of each year in a 5-year triple-net lease (annual payments). At the end of the sixth year you expect the rent to rise to $70,000 per year. At the end of 10 years, just after collecting the rent for that year, you expect to sell the building for 10 times the rent that year. What is the value of the property if the required initial return is 12 percent per year?

$44,643

$416,667

$548,801

$583,333