IRR. You are considering an apartment building project that requires an investment of

$$15,000,000.$ This building has $30$ units. You expect the maintenance cost for the apartment building

to be $$400,000$ during the first year. The maintenance cost will increase by $$50,000$ every year in

subsequent years. The cost to hire a manager for the building is estimated to be $$100,000$ per year

$($with no increase$).$ After $6$ years of operation, the apartment building can be sold for $$16,000,000.$ If

the monthly rent per apartment unit is $$5,000,$ what is the modified rate of return $($MIRR$)$ on this

investment? Assume a reinvestment rate of $6\%$ and assume that the building will remain fully occupied

during its six years of operation. Method: hand calculations. Yes, you can use a calculator.