A real estate developer is considering two different financing options for a $$5$ million project. Option $1$ involves financing the project with $100\%$ equity, while Option $2$ involves financing the project with a $$3$ million mortgage with interest only repayments of $$300,000$ per year and $$2$ million equity. If the project generates a net operating income of $$500,000$ per year, which option provides a higher return on equity invested? Show your calculations.