$$$ $ $ $ (CHAPTER 9) "Banana & Republic" clothing store is relocating to South Beach Plaza shopping center. The building owner is offering the following terms for the square feet of rentable space that the prospective tenant needs: The single-net lease would be for 4 years, The base rent in the first year will be $16.00 per square foot per year. After the first year, it will follow annual step-up increases in $2.1 increments. If the building owner's required rate of return is 14% per year, what would be the building owner's effective net rent per square foot per year? (Do not use S sign. Round your answer to 2 decimal places. Increase your decimal places to 6 or even higher for any intermediate calculations, or solve the problem in Excel with correct cell referencing to avoid rounding.)