12. What is the IRR of the need to do is to solve a quadratic equation). project in question 12? (hint: if you are using an ordinary calculator, all you 13. You consider developing a rental apartment complex. It will cost you $1000,000 per year for the next 2 years to build it, and $20,000 per year for maintenance starting the third year. The revenue will be $152,000 per year. What is the NPV of this project if the interest rate is 6%, and your planning horizon is infinite? 14. what is the fraction of housing in the assets of a typical US household? (1) 1006, (2) 30 %, (3) 50%, (4) 75%. Syntax: if your answer is (1) 10%, enter 1, not (1), and not 10%. Comment: you never need to remember the exact numbers (numbers change, estimates vary, you can always look up), but it is useful to know the approximate magnitudes for qualitative understanding (e.g. 10% and 50% in this question imply very different qualitative characteristics of the housing market) and for back of the envelope calculations w/o looking up every single number. 15. How large was the decline in house prices during the housing bust of 2007-12? Pick the closest number: (1) 1096, (2) 30%, (3) 50%, (4) 75%