Given the following information regarding an income producing property, determine the unlevered internal rate of return (IRR): expected holding period: five years; 1st year expected NOI: $78,000; 2nd year expected NOI: $87,000; 3rd year expected NOI: $92,340; 4th year expected NOI: $91,362; 5th year expected NOI: $98,074; debt service in each of the next five years: $58,444; current market value: $885,000; required equity investment: $221,250; net sale proceeds of property at end of year 5: $974,700; remaining mortgage balance at

end of year 5: $631,026.