1. You just signed a 30year lease agreement for a business property. The monthly rent for the rst year is $1,000/month, with the rst month's rent due today. Starting from the second year onward, the monthly rent will be increased by 5% / year (i.e., the monthly rent for the second year will be $1,050, the monthly rent for the third year will be $1,000(1.05)2 = $1,102.5, and so on). Assuming the annually compounded interest rate is 12% / year, what is the present value of the 360 rental payments