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Longhorn Steakhouse recently leased a location in North Carolina. The annual rent is $133,000 and the lease is 20-years. The rent increases every 5-years by

Longhorn Steakhouse recently leased a location in North Carolina. The annual rent is $133,000 and the lease is 20-years. The rent increases every 5-years by 10%. The lease is NNN, so the landlord is not responsible for any expenses. What is the effective rent on the property if a 9% discount rate is used?

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