"You are considering an apartment building project that requires an investment of $12,000,000. The building has 100 units. You expect the maintenance cost for the apartment building to be $300,000 in the first year and $320,000 in the second year, after which it will continue to increase by $20,000 in subsequent years. The cost to hire a manager for the building is estimated to be $70,000 per year. After five years of operation, the apartment building can be sold for $19,000,000. Assume that the building will remain fully occupied during the five years. Assume also that your regular tax rate is 35% and the capital gains tax rate is 17.5%. The building has a CCA rate of 4% and will be sold at the end of the fifth year of ownership." (2) Complete the table below with the corresponding expenses over the five years of the project. Income Statement (Expenses) Year 1 Year 2 Year 3 Year 4 Year 5 Maintenance $ 300000 $ 320000 $ 340000 $360000 $ 380000 Salary $ 70000 $ 70000 $ 70000 $ 70000 $ 70000 CCA $ $ $ $ $ (b) The UCC for the building at the end of the fifth year is $ and the Disposal Tax Effect is minus $ (C) The annual rent per apartment unit that will provide a return on investment of 20% after tax is $ Note 1: Please enter your answer to two decimal places. Note 2: In part (C), we need to calculate the rent that should be charged per apartment (this rent provides the revenues to the rental company) so that the company will get a 20% return. It would be effective to use a spreadsheet and the "Goal Seek" function to perform this calculation. We assume that the rent charged stays the same. We use "Goal Seek" to find the value of the rent charged per apartment by setting the Net Present Worth (at 20%) to zero. Therefore, in the Excel "Goal Seek" window, we put the cell designation where we calculated the Present Worth of the After-Tax Cash Flows in the "Set cell" field, "O" in the "to value" field, and the cell designation where we placed the rent charged per apartment in the "By changing cell" field