Please explain how the Levered IRR is 13.8% and how much in profit is projected to be received on this project.

	Year		0	1	2	3	4	5	6	7	8	9	10	11
Operations	Revenue
Potential Gross Income	$1,520,000	$1,565,600.0	$1,612,568.0	$1,660,945.0	$1,710,773.4	$1,762,096.6	$1,814,959.5	$1,869,408.3	$1,925,490.5	$1,983,255.2	$2,042,752.9	#######
less: vacancy	(121,600)	(125,248)	(129,005)	(132,876)	(136,862)	(140,968)	(145,197)	(149,553)	(154,039)	(158,660)	(163,420)	(168,323)
Effective Gross Income	$1,398,400	$1,440,352	$1,483,563	$1,528,069	$1,573,912	$1,621,129	$1,669,763	$1,719,856	$1,771,451	$1,824,595	$1,879,333	#######
Expenses
General Op Expenses	(440,000)	(440,000)	(453,200)	(466,796)	(480,800)	(495,224)	(510,081)	(525,383)	(541,145)	(557,379)	(574,100)	(591,323)
Insurance	(20,000)	(20,000)	(20,600)	(21,218)	(21,855)	(22,510)	(23,185)	(23,881)	(24,597)	(25,335)	(26,095)	(26,878)
Property Taxes	(180,000)	(180,000)	(185,400)	(190,962)	(196,691)	(202,592)	(208,669)	(214,929)	(221,377)	(228,019)	(234,859)	(241,905)
Total Expenses	(640,000)	(640,000)	(659,200)	(678,976)	(699,345)	(720,326)	(741,935)	(764,193)	(787,119)	(810,733)	(835,055)	(860,106)
Net Operating Income	$758,400	$800,352	$824,363	$849,093	$874,566	$900,803	$927,827	$955,662	$984,332	$1,013,862	$1,044,278	#######
less: debt service	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)	(574,132)
Cash Flow After Financing	$184,268	$226,220	$250,230	$274,961	$300,434	$326,671	$353,695	$381,530	$410,200	$439,730	$470,145
	Debt Yield
	DSCR		1.32	1.39	1.44	1.48	1.52	1.57	1.62	1.66	1.71	1.77	1.82
	Unlevered Yield
	Equity Yield
Reversion
Sale Price			-	-	-	-	-	-	-	-	-	11,951,180
less: Sales Expense		-	-	-	-	-	-	-	-	-	(358,535)
Net Sales Proceeds		-	-	-	-	-	-	-	-	-	11,592,644
less: Principal Balance		-	-	-	-	-	-	-	-	-	(3,943,404)
Reversion Cash Flow		-	-	-	-	-	-	-	-	-	7,649,240
	Total Projected Profit		$800,352	$824,363	$849,093	$874,566	$900,803	$927,827	$955,662	$984,332	$1,013,862	$8,693,518
Return Calculations	Unlevered Total Cash Flow	(9,064,000)	800,352	824,363	849,093	874,566	900,803	927,827	955,662	984,332	1,013,862	12,636,922
Unlevered IRR	11.5%
Unlevered EMx	2.3x
Levered Total Cash Flow	(3,344,000)	226,220	250,230	274,961	300,434	326,671	353,695	381,530	410,200	439,730	8,119,386
Levered IRR		15.5%
Levered EMx	3.3x
	Total After Fin Cash Flow	(3,344,000)	226,220	250,230	274,961	300,434	326,671	353,695	381,530	410,200	439,730	8,119,386
	IRR		15.5%
	Profit		7,739,054
	Equity Multiple	3.31x