You are considering a luxury apartment building project that requires an investment of $12,500,000 The building has 35 units The firm expects that the maintenance cost for the apartment building will be $275,000 in the first year, and to rise to $325,000 in the second year, and to continue to increase by $50,000 in subsequent years. The cost to hire a manager for the building is estimated to be $80,000 per year After four years of operation the apartment building can be sold for $14,000,000 The annual rent per apartment unit is $45,265. Assume that the building will remain fully occupied during the four years What will be the internal rate of return of this investment? O a 12% Ob 179 Oc 15% Od 10%