You own a real estate investment company and your interns have provided the below annual estimates of NOI for an office building you can acquire today for $10m. They also estimate you would receive $13.2m in net sale proceeds when the property is sold at the end of 3 years based on paying 5% brokerage expenses. PNC bank has offered you a 3-year $7m interest-only loan at 6% with annual payments and $60,000 of origination fees. What is the unlevered internal rate of return of the investment? Please represent your answer as a percent with 2 decimals (ie, 0.748 as 7.48).

	Year 1	Year 2	Year 3	Year 4
NOI	$700,000	$714,000	$739,000	$748,000