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Given the following information, calculate the annual equivalent level rent. Lease Term: 20 years, Concession: 24 months free rent at the beginning of the lease,

Given the following information, calculate the annual equivalent level rent. Lease Term: 20 years, Concession: 24 months free rent at the beginning of the lease, Rental Space: 4,000 square feet, Rental Rate: $46.00 per square foot per year, Discount rate: 11%. Assume the rents are paid monthly at the beginning of the month.

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