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Question 25 of 41 Question 25 10 points Save Answer [CLO-6] A building with 25 flats is being evaluated for 15 years. It is expected that only 60% of the flats will be rented. The expected construction cost of the building is $100,000 and land cost is $50,000. The estimated annual operation and maintenance cost per flat is $195 and the monthly tax of the building is 0.5% of the land cost. Assume that your IRR = 20%. What should be the minimum annual rent value per flat assuming an average interest rate of 20% per year? Ignore the salvage value of the land and building at the end of the study period.