Tiger Towers, Inc. is considering an expansion of their existing business, student apartments. The new project will be built on some vacant land that the firm has just contracted to buy. The land cost $$1,000,000$ and the payment is due today. Construction of a $20-$unit office building will cost $$3$ million; this expense will be depreciated straight$-$line over $30$ years to zero salvage value; the pretax value of the land and building in year $30$ will be $$18,000,000.$ The $$3,000,000$ construction cost is to be paid today. The project will not change the risk level of the firm. The firm will lease $20$ office suites at $$20,000$ per suite per year; payment is due at the start of the year; occupancy will begin in one year. Variable cost is $$3,500$ per suite. Fixed costs, excluding depreciation, are $$75,000$ per year. The project will require a $$10,000$ investment in net working capital.

r debt $=10\%,$ r asset $=15\%,$ r equity $=24\mathrm{.}9\%,$ r WACC $=11\mathrm{.}20\%,$

tax rate $=34\%,$ r free $=2\%,$ D$/$E $=3$

Assume that the firm will partially finance the project with a $$3,000,000$ interest$-$only $30-$year loan at $10\mathrm{.}0$ percent APR with annual payments.

What is the levered after$-$tax incremental cash flow for year $30?$

Group of answer choices

$$9,027,390$

$$9,234,300$

$$9,134,300$

$$9,287,000$