A building owner is evaluating the following alternatives for leasing space in an office building for the next five years: Gross lease with expense stop and CPI adjustment. Rent will be $20 the first year and increase by the full amount of any change in the CPI after the first year with an expense stop at $9/square foot. The CPI is expected to increase by 3% per year for the remaining years on the lease and operating expenses are estimated to be $7 during the first year and increase by $1 per year thereafter. If discount rate is 10%, what is the effective rent? (compute your answer using 4 decimals and round your final answer to 2 decimals)