. (10 points) Rental costs for office space have been going up at a rate of 2.75% per year compounded semi-annually for the past 5 years. If your office space rent is currently $25 per square foot per month, what was the rent for that space 5 years ago? Round final answer to nearest cent, meaning 2 decimal places, and label money with $. (I will grade your algebra, along with the finance formula & substitutions.)