The table below contains the completed investment analysis for a certain property. Using the information in the table, What is the internal rate of return of the before-tax levered cash flows if the property is sold at the end of the 5th year?.

Purchase Price	$25 million
Loan Amount	70% of purchase price
Interest Rate	6% per year with monthly payments and compounding
Amortization	25 years
	Year
	1	2	3	4	5
Net Operating Income	$2,000,000	$2,100,000	$2,205,000	$2,315,250	$2,431,013
Before-Tax Cash Flow	$566,967	$662,967	$763,767	$869,607	$980,739
After-Tax Cash Flow	$425,225	$497,225	$572,825	$652,205	$735,554
				Future Selling Price	$32,413,500
				Net Sale Proceeds	$29,172,150
				Before-Tax Equity Reversion	$13,434,035
				After-Tax Equity Reversion	$10,075,526

	a. 11.08%
	b. 20.32%
	c. 13.28%
	d. 37.24%