Owner of Megah Holdings wish to sell his property at Tasik Kenyir which the current price is RM4 million. However, his financial controller advises him to sell the property next year, as the real estate expert has informed them that the property can be sold at RM200,000 higher than the current price. Capital gains tax forecasted to increase up to 20% from RM500,000 (figure for this year) and the outstanding loan of the property will be RM1.8 million, if he sells it next year. The owner strongly belief that he may earns the Internal Rate of Return of the said property at 12%, and if sold this year, the remaining loan is half of the current property price. If he decided not sell the property this year, the tax after cash flow will be RM100,000 over next year.

What is the marginal rate of return if he wishes to sell the property one year later?