9. You are given the following leases. Find the one that provides the highest effective rent if the interest rate is 10%. ($ ten thousand) Lease Year 1 Year 2 Year 3 Year 4 11 11 13 9 12 15 A 12 B 13 10 11 14 14 D 8 13 15 17 a) Lease A b) Lease B c) Lease C d) Lease D 10. A 200 square foot retail shop inside a shopping mall is leased at a monthly rental of $350 per square foot. The shop is vacant two months out of the year. Current management expenses are $30 per square foot and an expense stop is set at $25 per square foot. What is the average monthly net operating income? a) $52,333.33 b) $53,333.33 c) $59,166.67 d) $65,000 11. A mini-tuck shop in a school is for sale now for $2,300,000. It is estimated that the shop will earn $300,000 a year for the next 10 years. At the end of 10 years, it is estimated that the shop will sell for $3,400,000. Which of the following would MOST LIKELY occur if the required rate of investment return is 15 percent? a) Investors would pursue the project. b) Investors would not pursue the project. c) Investors would pursue the project if the holding period were longer than 15 years. d) Insufficient information to determine