10) A luxury apartment building project requires an investment of $1,250,000. The building has 50 units. We expect the maintenance cost for the apartment building to be $150,000 in the first year, $200,000 in the second year, and will continue to increase by $50,000 per year in subsequent years. The cost to hire a manager for the building is estimated to be $50,000 per year. After five years of operation the apartment building can be sold for $750,000.

What is the monthly rent per apartment unit that will provide a return on investment of 15%? Assume the building will remain fully occupied during the five years. (Show your work and Cash Flow Diagram with Labels). (Assume Compound Interest).