A property owner is evaluating the following alternatives for leasing space in his office building for the next five years: Gross lease. Rent will be $31 per square foot each year with the lessor responsible for payment of all operating expenses. Expenses are estimated to be $9 during the first year and increase by $1 per year thereafter. Calculate the effective rent to the owner (after expenses) for the lease using a 11 percent discount rate. (Click to select) $20.21 $25.26 $19.20 $16.17