$3.$ A landlord wants to lease a $50,000$ sq$.$ ft$.$ building to a tenant with a starting rental rate of $$10\mathrm{.}50$ per sq$.$ ft$.$ per year. The term of the lease will be $5$ years and rent will escalate $3\mathrm{.}75\%$ per year. What is the total value of the lease payments? What is the NPV of the lease value using an $8\%$ discount rate.