Your client, a real estate company, is evaluating a real estate project of $15,000,000 that will provide them with yearly NOI of $1,950,000 for the next 10 years and can then be resold for an amount estimated at $20,000,000. They can finance 70% of the purchase price through a 10-year mortgage with an amortization period of 25 years and an interest rate of 7%.

Your client will only proceed with the project if its returns are greater than his WACC or cost of equity. He provides you with the following information about his company:

Market value of equity	$50,000,000
Cost of equity	25%
Market value of debt	$75,000,000
Cost of debt	10%
Tax rate	30%

a) Calculate the unlevered NPV of this investment

b) Calculate the unlevered IRR of this investment

c) Calculate the levered NPV

d) Calculate the levered IRR of this investment