A 1,000 square foot office space is leased at $15.00/square foot during the first year with $2.00 step-up provisions each of the following years. The lease is gross with an expense stop set at $6.65/square foot, and yearly expenses/square foot are as follows: $6.00, $6.65, and $7.05. If the lease term is three years and the discount rate is 10%, what is the effective rent/square foot? A) $10.46 B) $10.22 C) $9.38 D) $9.50

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