Current rent for a property is 30,000 per year, payable annually in arrears. After three years, the rent is reevaluated and a new rent is set for the subsequent three years. The new rent will reflect an expected annual growth rate of 3% over the following three years. Using a yield of 5%, determine the present value of the six years of rent. Select the correct response: 349,534 329,034 389,083 379,094