An old hotel was recently damaged by a fire. Since it has a desirable location in the old part of the city that is currently being rejuvenated by an urban$-$renewal project, it will be rebuilt and renovated as either a showroom and office building or a modern apartment building. Estimated receipts and disbursements for the $30-$year life of the refurbished structure are shown in the table below. Which answer is closest to the IRR of the Showroom and Offices option?

Showroom & Offices

Apartments

First cost of renovation, $

$$340,000$

$$490,000$

Increase in salvage value from renovation

$120,000$

$190,000$

Annual receipts

$212,000$

$251,000$

Annual disbursements

$59,100$

$88,000$

Present value of fire$-$damaged building

$485,000$

$485,000$

Expected savage value of the fire$-$damaged building after $30$ years

$266,000$

$266,000$

Group of answer choices