The equity cash flows of a development project are supposed to be divided between two partners in a JV agreement. The investor in this agreement puts 100% of the necessary cash for the project while the developer puts 0%. The agreement stipulates that the investor will get 8% cumulative preferred return. After the preferred return is paid, the investor will receive back her equity balance. After the equity balance is paid, any remaining cash flows will be divided between the developer and the investor according to the following waterfall structure

vestor IRR above 8% and below 15%
Percentage of cash flow to developer	30%
Percentage of cash flow to investor	70%
Investor IRR above 15% and below 25%
Percentage of cash flow to developer	40%
Percentage of cash flow to investor	60%
Investor IRR above 25%
Percentage of cash flow to developer	50%
Percentage of cash flow to investor	50%

Assuming that the equity entity cash flows in a development project are below. What are the investor's and the developer's cash flows and their respective IRRs?

Equity Entity Cash Flows
Year
0	1	2	3
$(2,000,000)	$0	$400.000	$2,500,000

Provide response and answers in excel sheet showing all calculation.