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You are a developer looking to invest in a rental property you intend to lease out for 20 years before selling. Your market research tells

You are a developer looking to invest in a rental property you intend to lease out for 20 years before selling. Your market research tells you that the net rent you can expect to earn from the building is $3M/year and the building value will be approximately $22M at the end of 20 years. If you want to earn a minimum of 10%/year, what is the maximum you should invest to develop the property?

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