1) Suppose Lois is interested in purchasing an income-producing property at a current market price of $2,500,000. Lois has estimated the expected cash flows over the next four years to be as follows: year 1 = $100,000; year 2 = $150,000; year 3 = $200,000; year 4 = $250,000; year 5 = $300,000. If Lois could sell the property at the end of year 4 to a buyer who would pay a 10% cap rate on the projected NOI, what would be the internal rate of return (IRR) that Lois would earn for the project?