ou are considering an apartment building project that requires an investment of $1,000,000. The building has 10 units. You expect the maintenance cost for the apartment building to be $30,000 in the first year and $32,000 in the second year, after which it will continue to increase by $20,000 in subsequent years. The cost to hire a manager for the building is estimated to be $7,000 per year. After five years of operation, the apartment building can be sold for $1,900,000. Assume that the building will remain fully occupied during the five years. Assume also that your regular tax rate is 30% and the capital gains tax rate is 15%. The building has a CCA rate of 4% and will be sold at the end of the fifth year of ownership What is the annual rent per apartment unit that will provide a return on investment of 20% after-tax??

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