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Assume that the described lease has a term of five years.The consumer price index is 3 percent per year. Taxes and expenses escalate yearly at

Assume that the described lease has a term of five years.The consumer price index is

3

percent per year. Taxes and expenses escalate yearly at the consumer price index starting in year two. Rent escalates at

4

percent per year on the base rent only. The user's discount rate is

11

percent.What is the average annual effective rent for this lease?

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