Beth bought some residential development property for 200,000 five years ago. She sold the property this year for $1,200,000 and...

Beth bought some residential development property for 200,000 five years ago. She sold the property this year for $1,200,000 and spent $250,000 for infrastructure development in year 5, the year in which the property was sold. If the inflation rate for the past 5 years has been steady at 5% annually, the after-tax real rate of return on this investment assuming a capital gain tax of 15% is most nearly