Assume you purchase a property for $$2\mathrm{.}5$ million $($all cash purchase$).$ In the first year, the property generates $$210,000$ in cash flow from operations and increases in value to $$2\mathrm{.}715$ million $($both received at the end of year $1).$ Determine the total return $($IRR$)$ on the property.

$12\mathrm{.}60\%$

$8\mathrm{.}40\%$

$17\mathrm{.}00\%$

$8\mathrm{.}60\%$

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