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Problem 2. Percentage (Overage) rents A retail tenant has agreed to pay a base rent, plus 6% of the sales above $300,000. Sales are

Problem 2. Percentage (Overage) rents A retail tenant has agreed to pay a base rent, plus 6% of the sales above $300,000. Sales are expected to grow at 4% per year. Current sales are $350,000. What are the expected sales in year 3? What is the expected overage rent to be earned in year 3?

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