You own land worth $700,000. You intend to build an apartment complex costing $6.2 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 $7.4 million. Rent collections are made at the beginning of the year and will total $4.8 million per year. Maintenance/administrative/service costs will occur at the end of each year and cost $2.9 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). 33.3% 45.4% 41.1% 27.9%