Assume that the present value of a five year lease is $100.00 per square foot and the landlords discount rate is 6%. What is the ARE if made each year that the land lord should accept? Please report your answer including two decimal places.

Select one:

a.

$20.20

cross out

b.

$22.40

cross out

c.

$23.74

cross out

d.

None of the above