determine the net present value (npv) of the proposed investment to its equity investors: investment holding period: five (5) years before-tax cash flow (btcf) for each of the next five (5) years: $124,892 before-tax equity reversion (bter) at end of five (5) years: $1,638,790 applicable discount rate: 6.0% equity invested: $1,585,000 going-out cap rate: 7.29% year six (6) noi: $153,420