Please solve it without excel, using challenger-defender rate of return analysis

The owner of a downtown parking lot has employed a civil engineering consulting firm to advise him on the economic feasibility of constructing an office building on the site. You have been assigned to make the analysis and have assembled the following data: Alternative Sell parking lot Keep parking lot as is Build 1-story building Build 2-story building Build 3-story building Build 4-story building Build 5-story building Includes the value of the land. Total Investment Total Net Annual Revenue 150,000 400,000 555,000 750,000 875,000 1,000,000 22,000 60,000 72,000 100,000 105,000 120,000 The analysis period is to be 15 years. For all alternatives, the property has an estimated resale (salvage) value at the end of 15 years equal to the present total investment. If the MARR is 10%, what recommendation should you make? Solve by a challenger-defender rate of return analysis. 9