Adam is attempting to $$flip$$ a property. He is buying a house for $$300,000$ and he is going to

finance $80\%$ of the purchase with a $30-$year $6\%$ loan. He plans to stay in the house for $6$ years and

then sell it$.$ He expects that the house will appreciate in value at $3\%$ per year during his stay there

and he makes the following projections about his expenses:

Closing costs at purchase $$ $$9,000$

Broker$$s commission at sale $6$ percent

Appraisal fees spent over the holding period $$ $$1,000$

Cosmetic repairs for sale $$ $$3,600$

Maintenance costs $($total for $6$ years of stay$)$ $$20,000$

Property tax $1\mathrm{.}07$ percent of the house value a year

Property insurance $$ $$4,700($total for $6$ years of stay$)$

Given the information above, the fact that interest in mortgage payments is tax$-$deductible, the fact

that property tax can be used as a deduction from the federal income tax, and the fact that Adam$$s

marginal tax rate is expected to be $28$ percent, compute Adam$$s expected recovery rate from

$$flipping$.$ Ignore time value of money

Please use financial calculator to solve!