From Martland (2012) 9.1 A dispute has broken out in a board meeting of a real estate investment firm. Mr. Park advocates developing a site as a parking lot that would require a minimal level of investment, produce revenues of close to $1 million per year, and have an IRR of more than 40%. Mr. Macy prefers a mixed development with several small stores at street level and apartments on the upper levels. He argues that the project will have a NPV of $6 to $10 million, using the companys hurdle rate of 15%. Fine, says Mr. Park, but your IRR is still less than 20%, so my project is better. Which project would you support? and why?