You are contemplating the purchase of an office building. Net operating income for the first year is expected to be $300,000 and increase by the projected inflation of 2% over the next five years. The property is priced at $2,100,000 and you normally assume 15% for land; your tax bracket is 28% for all income; you plan to borrow 70% of the purchase price with a conventional fixed-rate mortgage at a rate of 9% for 20 years; depreciation is straight line for 30 years; you are using a 5-year analysis; and expect that the building will sell for a price that compounds at the rate of inflation at the end of year 5 with selling expenses of 5%. What is the BTIRR?