You are considering a luxury apartment building project that requires an investment of $14,900,000. The building has 70 units. You expect the maintenance cost for the apartment building to be $470,000 the first year and $520,000 the second year. The maintenance cost will continue to increase by $50,000 in subsequent years. The cost to hire a manager for the building is estimated to be $95,000 per year. After five years of operation, the apartment building can be sold for $19,000,000. What is the annual rent per apartment unit that will provide a return on investment of 15% ? Assume that the building will remain fully occupied during its five years of operation. Click the icon to view the interest factors for discrete compounding when i=15% per year. The annual rent per apartment unit should be $ thousand. (Round to one decimal place.)