A property owner is evaluating the following alternatives for leasing space in his office building for the next tive years: Net lease whth steps. Rent will be $15 per square foot the first year and will increase by $180 per square foot each year until the end of the lease. All operating expenses will be paid by the lenant Net lease with CPl adjusiments. The rent wil be $16 per square foot the first year. After the farst year, the rent wil be increased by the amount of any increase in the CPI. The CPI is expected to increase 6 percent per year: Gross lease Rent will be $33 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 inctease by $1 per year thereafter Gross lease with expense stop and CPl adjustment Rent will be $25 the first vear and increasc by the full amount of any change in the CPI after the fust year with an expense stop at $9 per square foot The CPI and operating expenses are assumed to change by the same amount as outlined above. Required: o. Calculate the effectve rent to the owner (after expenses) for each lease alternative using a 10 percent discount rate b. How would you rank the aiternatives in terms of nisk to the peoperty owner? Complete this question by entering your answers in the tabs below. Calculate the effective rent to the owner (after expenses) for each foase alternative using a 10 percent ificount rate. Notei Do not round your intermediate calculations. Rousd your hnal answers to two decimal places