An investor purchased a property for $$5,000,000$ with $$100,000$ in acquisition costs and anticipates holding the property for five years. The forecast first year NOI is $$400,000$ and is projected to increase $3$ percent annually. The first and last year cost recovery deduction is estimated to be $$100,252$ and all other years $$104,611.$ The proceeds of sale after tax at the end of the holding period are $$5,415,217.$ The investor$$s ordinary tax rate is $37$ percent.

What is the projected after$-$tax IRR of this investment?