You are considering constructing a luxury apartment building project that requires an investment of $15,500,000, which comprises $12,000,000 for the building and $3,500,000 for land. The building has 50 units. You expect the maintenance cost for the apartment building to be S350,000 the first year and S400,000 the second year, after which it will continue to increase by $50,000 in subsequent years. The cost to hire a manager for the building is estimated to be $85,000 per year. After five years of operation, the apartment building can be sold for $17,000,000. Assume that the building will remain fully occupied during the five years. The annual revenues are $3,833,542. Assume also that your tax rate s 35%. The building will be depreciated according o 39-year MACRS and wil be placed in service in January during the first year o ownership and sold in December during the h year of ownership. The after-tax return on investment is 15%. Click the icon to view the MACRS percentages for nonresidential real property. determine the project's net cash flows. Fill in the table below. Round to one lf the rm expects to borrow he initial investment $15.500.000 at 10% over five years paying back the loan in equal annual payments of $4,088,861 decimal place.) Period Net After-Tax Cash Flow thousand s thousand thousand More Info Month Year n 10 12 2.4573 2.24362.0299 1.8162 1.6026 13889 1.1752 0.9615 0.7479 0.5342 0.3205 0.1068 2-39 2.5641 2.5641 25641 2.5641 2.5641 2.5641 25641 2.5641 2.5641 2.5641 25641 2.5641 0.1068 0.3205 0.5342 0.7479 0.9615 1.1752 13889 16026 1.8162 2.0299 22436 2.4573 Enter your answer in the edit tields and then click part remaining 40 Final Check