A real estate investor is considering the purchase of an office building. The investor has the following information: The purchase price is $2,000,000. The project is a two-story office building containing a total of 30,000 leasable square feet. The rents are expected to be $12.85 per square foot per year and are expected to increase 5.00% per year. The vacancy rate is expected to be 4.00% of gross rents per year. Operating expenses are estimated at 42.00% of the effective gross income. A 75.00% LTV ratio loan (amortizing) can be obtained with a 20-year term, monthly payments, and 10.00% interest rate. The value of the investment is expected to increase 4.00% per year. The holding period is 5 years. Of the total cost, 80.00% is depreciable over 39 years. The investor can be considered an active participant in the project and is in a 36.00% percent marginal tax bracket. The capital gains tax rate is 20.00% and the depreciation recovery tax rate is 25.00%. a. What are BTIRR and ATIRR? b. If an alternative financing at 85.00% LTV ratio and 11.00% interest rate is available, what are BTIRR and ATIRR? All other terms of the loan are the same as before