J&M Company is a real-estate developer considering a 40-unit apartment complex in a growing college town. As the area is also booming with foreign automakers locating their U.S. assembly plants the firm expects that the apartment complex, once built, will enjoy a 90% occupancy for an extended period. The firm already complex some of the critical financial information related to the development project as follows: *land price (1 acre)=$1200000 *building(40 units of single bedroom):$4800000 *project life:25years *building maintenance per unit per month:$100 *annual property taxes and insurance:$400000 Assuming that the land will appreciate at an annual rate of 5% ,but the building will have no value at the end of 25 years(it will be torn down and a new structure would be built), determine the minimum monthly rent that should be charged if a 12% return (or 0.9489% per month)before tax is desired.