A property could be sold today (year 0) to provide an after-tax cash flow from sale of $800,000. If sold next year (year 1), the property is expected to generate after-tax cash flow from operations of $24,000 and additionally provide an after-tax cash flow of $824,000 from the sale at the end of year 1. a. What is the marginal rate of return for holding the property for an additional year and selling at the end of year 1? b. As an alternative, the owner can forgo the sale and instead improve the property by investing $50,000 in year 0. That will increase the annual after-tax operating cash flows by $5,000 - from $24,000 to $29,000. A sale at the end of year 3 will generate an additional $75,000 in after-tax cash flows. What is the internal rate of return (IRR) on the incremental cash flows?