Gross lease with expense stop and CPI adjustment. Rent will be $22 the first year and increase by the full amount of any change in the CPI after the first year with an expense stop at $9 per square foot. The CPI and operating expenses are assumed to change by the same amount as outlined above.

Required: a. Calculate the effective rent to the owner (after expenses) for each lease alternative using a 10 percent discount rate.

Calculate the effective rent to the owner (after expenses) for each lease alternative using a 10 percent discount rate.

Lease Alternative	Effective Rent
Net lease with steps	$17.72
Net lease with CPI adjustments	$16.89
Gross lease	$19.19
Gross lease with expense stop and CPI adjustment	$____ ???????

Just the last one please.