Given the following, what is the after-tax IRR? Purchase Price $9,000,000 Mortgage $6,000,000 Interest Rate 7.5% Amortization Term 20 Years Payment Period Monthly Land Cost 15.0% $1,350,000 Improvement Cost $7,650,000 Annual Depreciation $196,154 IRS Mid-Month Convention 0.96 Tax Rate 35.0% Capital Gains Tax Rate Total Capital Improvements Depreciation Recapture Tax Sale Price (Property Reversion) Costs of Sale Holding Period 15.0% $0 25.0% $9,360,805 0.0% 5 Years NOI Interest Depreciation Taxable income Tax Rate Taxes Year 1 Year 2 $901,375 $900,681 $445,436 $434,987 $187,981 $196,154 $267,958 $269,540 Year 3 $899,962 $423,727 $196,154 $280,081 Year 4 $943,700 $411,593 $196,154 $335,953 Year 5 $961,855 $398,517 $196,154 $367,184 NOI Debt Service PTCF Taxes ATCF 12.22% O 16.70% 0 12.51% O 12.09%