Given the following, what is the after-tax IRR? Purchase Price Mortgage Interest Rate Amortization Term Payment Period Land Cost 15.0% Improvement Cost Annual Depreciation IRS Mid-Month Convention Tax Rate $9,000,000 $6,000,000 7.5% 20 Years Monthly $1,350,000 $7,650,000 $196,154 0.96 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 $901,375 $445,436 $187,981 $267,958 Year 2 $900,681 $434,987 $196,154 $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 O 12.22% O 16.70% O 12.51% O 12.09%