Please show work via calculations NOT through excel!

Question 2 0 out of 5 points You have a piece of land you are considering developing. You will either build a residential apartment complex or a shopping mall. The estimated cash flows for the two projects are illustrated below. For simplicity, we will assume that each development only has a five year life. Year Park Place Apartments Boardwalk Mall 2 3 0 -$17,000,000 -$17,000,000 1 8,000,000 2,000,000 7,000,000 5,000,000 5,000,000 9,000,000 4 3,000,000 9,500,000 5 2,500,000 2,500,000 At what rate of return are you indifferent between these two developments? Selected Answer: There is not enough information to work this problem. We need a discount rate. Correct Answer: 12.18 Percent