You$$re considering purchasing an apartment for $$200,000.$ You believe that you can earn an initial rental income of $$12,000$ per year on it and that the rental income will grow at $3\%$ per year. You also believe that you can sell the apartment for $$225,000$ after $5$ years. The IRR calculation is shown below: Which of the following statements about this analysis is$/$are NOT valid?Apartment Purchase and Sale $-$ IRR Estimate