2. * (Inspired by CT1 exam April '09) A company has agreed to rent a warehouse for 30 years. The rent will be paid quarterly in advance and will increase every three years at the rate of 3% per annum compound. The initial rent is set at 1,200,000 p.a. with the first payment due immediately. Calculate the NPV of the contract at a rate of interest of 5% p.a.