You want to estimate the value of a property at time t = 0 (V0) using the income
approach to valuation. Consider a property with a 2-year useful life, a cashflow generated by
the property of $6,000 per year, and a required rate of return (opportunity cost, discount rate) of
5 percent. The payout (cash flow) comes at the end of the year (thus, you would discount the first
year of cash flow). What is V0? Enter a whole number with no $, commas, or decimal places.
For example, if your answer were $1,442.23, you would enter 1442.