A property development project is going to generate $50,000/monthly net rent perpetuity after the property construction is completed in 12 month. After the construction is completed, the property will be sold on the market. The required rate of return for a similar property is 1 % per month. The related construction costs are $1 million at the end of each quarter. The construction cost has low uncertainty and the discount rate is 0.25 % per month. What is the internal rate of return, IRR, per month of this development project?