You are a real estate investor and you would like to use the "IRR partitioning" method to evaluate the riskiness of your investment. (+3=$ (a) Here are you estimates for the proposed investment: Required equity investment: $900,000, Estimated after-tax annual cash flows (ATCF) from rental income: $95,000, per year, . The property would be sold in 10 years, Estimated after-tax cash flow (ATCF) from sale: $1,200,000. Based on this information, your estimated internal rate of return on this investment is %. Put the answer in percent, not in decimals, but without the "%" sign. Round to 2 decimal places. For example, if you got 12.34 percent, type 12.34. (b) Let's continue calculating the "IRR partitions", but start with slightly different numbers. By the way, I am doing this so that if you made a mistake in part (a), it won't affect your subsequent answers! Let's say, this time, you are given the following intermediate results . The annual ATCFs are $95,000, per year, The holding period is 10 years, The ATCF from sale is $1,200,000, You are also given the IRR on this investment equal to 10%. If this is the case, the implied equity investment equals $ the Present Value of the annual ATCEs discounted at the IRR equals $ and the Present Value of the ATCF from sale discounted at the IRR equals $ Round all three answers to whole dollar and don't put the "$" signs. (c) Again, let's continue calculating the "IRR partitions", but start with slightly different numbers. (Again, I am doing this so that if you made a mistake in parts (a) and (b), it won't affect your subsequent answers!) Let's say, this time, you are given the following intermediate results: The Present Value of the annual ATCFs discounted at some known IRR equals $510,000, The Present Value of the ATCF from sale discounted at some known IRR equals $450,000. In this case, the "IRR partition" based on the annual cash flows equals %, and the "IRR partition" based on the cash flow from sale equals %. Put both answers in percent, not in decimals, but without the "%" signs. Round to 2 decimal places. For example, if you got 12.34 percent, type 12.34. Based on the "IRR partitions" that you have just calculated in part (c), your annual return on the investment is primarily determined by the annual cash flows. This statement is Type "true" or "false