Stormfeld bought land for Z amount to open a gallery in New York on March 1st 2020. An amount of 1,000,000 is needed in order to renovate the land and four equal instalments are made monthly in advance. The first payment is made on the 1st of January 2021. The gallery is expected to open on the 1st of July 2021 and the number of paintings to be sold is shown in the table provided.

Income of the painting sales are collected beginning of each month and assume each painting is 4120.

20,000 a month is spent on maintaining the gallery, which is to be made at the beginning of the month from 1st July 2021. These costs would increase by 1.49% monthly on 1st October every year. All costs and income are terminated at the end of 2032.

*Choose an appropriate amount for Z

Month	Paintings Sold
July 2021 to September 2021	14 paintings sold each month
October 2021 to January 2023	17 paintings sold each month
February 2023 to November 2024	22 paintings sold each month
December 2024 to December 2032	28 paintings sold each month

(i) Calculate the Net Present Value of the gallery, is the gallery profitable?

(ii) Calculate the internal rate of return.

(iii) The price of the paintings increases by 1.85% at the beginning of each year starting from the 1st of January 2025. Calculate the net present value in this case.