You own land worth $$700,000.$ You intend to build an apartment complex costing $$6\mathrm{.}2$ million today and taking one year to construct. You then intend to own and rent out the units for $3$ years $($after construction$)$ then sell it for $$7\mathrm{.}4$ million. Rent collections are made at the beginning of the year and will total $$4\mathrm{.}8$ million per year. Maintenance$/$administrative$/$service costs will occur at the end of each year and cost $$2\mathrm{.}9$ million per. The cost of capital is $13\%.$

What is the estimated IRR of this project? $($hint: you'll be selling at the end of the $4$ th year after making maintenance costs but before collecting rent$).$

$33\mathrm{.}3\%$

$41\mathrm{.}1\%$

$45\mathrm{.}4\%$

$27\mathrm{.}9\%$