Please answer all parts and show work. Thanks!

4. An investor is planning to purchase a new apartment property for $1.5 million. He can obtain an 80% loan for 30 years at 10%. NOI is expected to be $500,000 in the first year and grow at a rate of 2% for the next three years along with the underlying value of the building. The building and improvements represent 80% of value and are depreciated over a 27.5 useful life for an annual depreciation allowance of $43,636. The project is expected to sell after three years, and the investors are subject to a 30% tax rate. Create pro forma cash flow statements to solve the following problems. You can use the sample spreadsheet from class to solve this problem (you will need to edit the spreadsheet, but it is a good starting point). a. Find the BTIRR and ATIRR. b. Find the unlevered BTIRR and ATIRR c. Computer the Break-even interest rate (BFIR). d. Using the pro forma cash flow statement for the leveraged property, find the marginal rate of return from years 2 to 3