An investor has projected three possible scenarios for a project as follows: Pessimistic-NOI will be $225,000 the first year, and then decrease 2 percent per year over a five-year holding period. The property will sell for $1.90 million after five years. Most likelyNO/ will be level at $225,000 per year for the next five years (level NO) and the property will sell for $2.25 million. Optimistic-NOI will be $225,000 the first year and increase 3 percent per year over a five-year holding period. The property will then sell for $2.70 million. The asking price for the property is $2.25 million. The investor thinks there is about a 30 percent probability for the pessimistic scenario, a 40 percent probability for the most likely scenario, and a 30 percent probability for the optimistic scenario. Required: a. Compute the IRR for each scenario. b. Compute the expected IRR. c. Compute the variance and standard deviation of the IRRS