Please work out step by step clearly and circle the final answer.

X Problem 7-18 (algorithmic) th Question Help You are considering a luxury apartment building project that requires an investment of $13,100,000. The building has 50 units. You expect the maintenance cost for the apartment building to be $330,000 the first year and $360,000 the second year. The maintenance cost will continue to increase by $30,000 in subsequent years. The cost to hire a manager for the building is estimated to be $75,000 per year. After five years of operation, the apartment building can be sold for $18,000,000. What is the annual per apartment unit that will provide a return on investment of 11%? Assume that the building will remain fully occupied during its five years of operation Click the icon to view the interest factors for discrete compounding when i= 11% per year. The annual rent per apartment unit should be $ 766 thousand, (Round to one decimal place) Enter your answer in the answer boy and then click Check