Use the following information to answer questions 26-30. Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Sale 1,500,000 Equity 400,000 -Selling Exp 105,000 PG 128,500 132,355 136,326 140,415 144,628 Net Sale 1,395,000 -V&CL 8,353 8,603 8,861 9,127 9,401 -Out. MB 909,784 +Misc.inc. 2,570 2647 2,727 2808 2,893 BTCF Sale 485,216 +Exp. Reimb 8,481 8,735 8.997 9.267 9,545 EG 131,199 135,134 139,188 143,364 147,665 Oper.Ex. 52479 54.054 56,675 57,346 59,066 NO 78,719 81,081 83,513 86,018 88.599 -CAPX NOF 78,719 81,081 83,513 86,018 88,599 -ADS 64,419 64,419 64,419 64.419 64,419 BTCF Opt 14,301 16,662 19,094 21,600 24,180 28. Using the expected cash flows above, what is the internal rate of return, IRR, of the equity investment, if levered? Assume the project can be purchased for $1.4 million with a mortgage of $1.0 million. Assume a five-year holding period. (8 pts - show work)