Please show all calculation.

10.3 apartment building project that requires an investment of $15,500,000, which comprises $12,000,000 for the building and s3,500,000 for land. The building has 50 units. You expect the maintenance cost for the apart ment building to be $350,000 the first year and $400,000 the second year, after which it will continue to increase by $50,000 in subsequent years. The cost o hire a manager for the building is estimated to be 85,000 per year. After five years of operation, the apartment building can be sold for $17,000,000 What is the annual rent per apartment unit that will rovide a return on investment of 15% after tax? As- sume that the building will remain fully occupied dur- ing the five years. Assume also that your tax rate is 35%. The building will be depreciated according to 39-year MACRS and will be placed in service in Jan- uary during the first year of ownership and sold in December during the fifth year of ownership You are considering constructing a luxury 10.3 apartment building project that requires an investment of $15,500,000, which comprises $12,000,000 for the building and s3,500,000 for land. The building has 50 units. You expect the maintenance cost for the apart ment building to be $350,000 the first year and $400,000 the second year, after which it will continue to increase by $50,000 in subsequent years. The cost o hire a manager for the building is estimated to be 85,000 per year. After five years of operation, the apartment building can be sold for $17,000,000 What is the annual rent per apartment unit that will rovide a return on investment of 15% after tax? As- sume that the building will remain fully occupied dur- ing the five years. Assume also that your tax rate is 35%. The building will be depreciated according to 39-year MACRS and will be placed in service in Jan- uary during the first year of ownership and sold in December during the fifth year of ownership You are considering constructing a luxury