"You are considering a luxury apartment building project that requires an investment of $11, 500,000. The building has 200 units. You expect the maintenance cost for the apartment building to be $300,000 in the first year and $320,000 in the second year, after which it will continue to increase by $20,000 in subsequent years. The cost to hire a manager for the building is estimated to be $70,000 per year. After five years of operation, the apartment building can be sold for $19,000,000. What is the annual rent per apartment unit that will provide a return on investment of 15% after tax? Assume that the building will remain fully occupied during the five years. Assume also that your regular tax rate is 35% and the capital gains tax rate is 17.5%. The building has a CCA rate of 4% and will be sold at the end of the fifth year of ownership."