13.30. The figures in the following table depict the before-tax cash flow projection for a typical 10-year holding period for a levered investment in a property whose current market value is $5 million, for which a $3 million interest-only 10-year mortgage would be the typical financing mechanism at a market interest rate of 8%. What is the market's implied required going-in 10-year IRR for the levered equity investment? Year 0 1 2 3 4 5 6 7 8 9 10 450,000 454,500 -240,000 -240,000 459,045 -240,000 463,635 -240,000 Prop. Inc. Debt Svc. Prop. Sale -5,000,000 Loan 3,000,000 Equity CF -2,000,000 468,272 472,955 477,684 482,461 487,286 492,158 240,000 -240,000 -240,000 -240,000 -240,000 -240,000 5,523,111 -3,000,000 228,272 232,955 237,684 242,461 247,286 2,775,269 210,000 214,500 219,045 223,635