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2. Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The...

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2. Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The remodeling costs are estimated at $3.4 million. If the building is remodeled, Heartland Insurance has agreed to pay an additional $820,000 a year in rent for the next 5 years. The required return is 15 percent. What is the benefit of the remodeling project to Professional Properties? Should Professional Properties remodel the offce building

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