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13. An office building property can be purchased for $5.0 million. It is expected to generate annual NOls of: Yr.1: \$250,000; Yr.2: \$257,500; Yr.3: \$265,225; Yr.4: $273,200; Yr.5: \$281,400; and is expected to be sold resulting in a net sale proceed in Yr.5 of \$5.4 million (i.e., after selling expenses). Assume the project includes a $3.2 million loan having an annual debt service of $172,000 per year, and that the outstanding mortgage balance at the end of the five-year holding period will be $3.0 million. Assume also that the overall going-in cap rate is 5.0 percent; the going-out cap rate is 6.0 percent; the investor's required return on the project, unleveraged, is 7.5 percent; and the investor's required retum on the project, leveraged, is 12.0 percent. Using the appropriate information, determine the internal rate of retum (URR) of the project (UNLEVERED). a. 6.69%