Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The remodeling...
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Professional Properties is considering remodeling the office building it leases to Heartland Insurance. The remodeling costs are estimated at $2,714,358. If the building is remodeled, Heartland Insurance has agreed to pay an additional $890,840 a year in rent for the next five years. The discount rate is 14.6 percent. What is the benefit of the remodeling project to Professional Properties? Round your answer to 2 decimal places.
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