Please answer B, NOT A

An investor has projected three possible scenarios for a project as follows: Pessimistic-NO/ will be $290,000 the first year, and then decrease 2 percent per year over a five-year holding period. The property will sell for $2.16 million after five years. Most likely-NO/ will be level at $290,000 per year for the next five years (level NOI ) and the property will sell for $2.90 million. Optimistic-NOI will be $290,000 the first year and increase 3 percent per year over a five-year holding period. The property will then sell for $4.00 million. The asking price for the property is $2.90 million. The investor thinks there is about a 30 percent probability for the pessimistic scenario, a 40 percent probability for the most likely scenario, and a 30 percent probability for the optimistic scenario. Required: a. Compute the IRR for each scenario. b. Compute the expected IRR. \begin{tabular}{|l|r|l|} \hline & \multicolumn{2}{|c|}{ IRR } \\ \hline Pessimistic & 5.01 & % \\ \hline Most likely & 10.00 & % \\ \hline Optimistic & 16.04 & % \\ \hline \end{tabular} Compute the expected IRR. Note: Do not round intermediate calculations. Round your answer to 2 decimal places