Argo's real estate department is considering buying an office and leasing it out. They ask you to calculate the NPV (7% discount rate) and IRR of the investment and have given you the data below. Assume that the office is sold in year 20 and that the mortgage runs 20 years.

Item	Value	Inflator
Square Footage	2500
Property Price ($)	955,000
Down Payment	20%
Interest Rate	4.4%
Closing Costs at start	$5000
Broker Fee in Year 20	5.5%
Yearly Property Appreciation	1.7%
Rent/sq. ft/Inflator	3.30	1.5%
Op. costs/year ($)/Inflator	9640	1.5%
Tax Rate	21%
Depreciation/year($)	4000