An investor is considering buying a property for Sh. 500,000. The cost of land is 20% of the purchase price. The building will be depreciated over 40 years on a straight line basis. The investor will take a loan of 50% of the purchase price at 10% per annum payable monthly for 20 years. The net operating income for the next two years is Sh. 40,000 and Sh. 50,000. The property can be sold for Sh. 600,000 at the end of year two. Required: Calculate the before tax equity IRR. Is the project viable assuming the investor has a required rate of return of 15%