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Question 2 0/1 pts Ray has been offered a 7-year work assignment in Portugal. Hence, he will rent out his four-bedroom house in Houghton to an old friend while he is abroad. Ray's rental income will be 12,833 dollars per year, but maintenance/repair costs will be 1,051 dollars in the first year and will increase by 851 dollars per year thereafter. The tenant will be responsible for the maintenance/repair costs. Therefore, at the end of each year, the tenant will deposit the annual rent amount minus any maintenance costs. Find the PRESENT value of Ray's future cash flows from renting out his house for 7 years given that the interest rate is 7% per year (compounded annually). (note: round your answer to the nearest cent, and do not include spaces, currency signs, plus or minus signs, or commas) ou Answered 69,160.75 orrect Answer 50,974.25 margin of error +/- 100
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