An investor is considering the possibility of developing a mixed-use property fit. Currently, it is necessary to buy back the land for 230 billion VND. Because it takes time to receive acceptance After accepting investment from the local government, the investor believes that they will break ground after 3 years there is a decision to allocate land. The construction time of this complex is 2 years and the total cost is 920 billion VND per year. During the first year after construction, the investor estimates that this property will generate generate a net cash flow of VND 18.4 billion and in the second year this asset will generate a net cash flow of 37,260 billion VND. The investor expects to sell the building at the end of its second year of operation. They believe that The building will be worth 2,760 billion VND at that time.

a. Calculate what is the investor's expected annual IRR for the entire holding period?

b. If the expected annual IRR is 15%, what should the selling price be at the end of year two? work?

c. Based on the result of question (b), prove that the annual IRR is 15% for the investor.