III.3. The costs associated with a development equal $500,000 starting at year 1 and increases by 5% each year after. The development project life is 30 years with an effective annual interest rate of 8%. a) If the developer wants to break even over the 30 year period, what annual rate should they collectively charge the tenants starting in year 1 ? Circle your answer III.3. The costs associated with a development equal $500,000 starting at year 1 and increases by 5% each year after. The development project life is 30 years with an effective annual interest rate of 8%. a) If the developer wants to break even over the 30 year period, what annual rate should they collectively charge the tenants starting in year 1 ? Circle your