An Industrial tenant agreed to pay $8.00/SF each year for 6 years with a $0.25 rent increase every year. The landlord will provide the tenant with $2.00/SF at move in as a Tenant Improvement Allowance. Using an 11% discount rate, what is the Net Effective Rent for the Tenant. (For simplicity, assume rent is paid annually at the end of each year and use annual discounting.)