Please answer the questions and show every calculation in detail step by step. please

PREFERRED EQUITY-MULTIPLE TIER IRR DISTRIBUTIONS Assume that you and a partner acquire a property for $1,000,000. You provide all of the equity (100\%). Cash flow for Year 1 is $60,000 and increases by $20,000 per year. Finally you sell the property at the end of Year 5 for $1,500,000. PARTNERSHIP I-You and your partner have agreed to split the cash flows as follows: 1. You receive all cash flow until you receive an 8% return on your investment (i.e. IRR) (Tier I) 2. You split remaining cash flows with your partner 80/20. PARTNERSHIP II-You and your partner have agreed to split the cash flows as follows: 1. You receive all cash flow until you receive an 8% return on your investment (i.e. IRR) (Tier I) 2. You split cash flows with your partner 80/20 until you earn a 12% return from your initial investment (Tier II) 3. Remaining cash flows are split 70/30 PREFERRED EQUITY-MULTIPLE TIER IRR DISTRIBUTIONS Assume that you and a partner acquire a property for $1,000,000. You provide all of the equity (100\%). Cash flow for Year 1 is $60,000 and increases by $20,000 per year. Finally you sell the property at the end of Year 5 for $1,500,000. PARTNERSHIP I-You and your partner have agreed to split the cash flows as follows: 1. You receive all cash flow until you receive an 8% return on your investment (i.e. IRR) (Tier I) 2. You split remaining cash flows with your partner 80/20. PARTNERSHIP II-You and your partner have agreed to split the cash flows as follows: 1. You receive all cash flow until you receive an 8% return on your investment (i.e. IRR) (Tier I) 2. You split cash flows with your partner 80/20 until you earn a 12% return from your initial investment (Tier II) 3. Remaining cash flows are split 70/30