A commercial property located in Kowloon Bay with lettable area 10,000 sqft has just been let on a 6- year lease (with rent review in year 3) at a face rent of HK$360 per square foot per annum (lettable) and at HK$420 per square foot per annum at review. The rent is payable annually in arears. Using a discount rate of 5%, calculate the total present value of the rents to be received during the term of the 6-year lease. You may use a table to show for your calculations (Please use excel to do the calculation then copy the table to the word file for submission).