Solve it using Excel and show the formulas you use to solve it.

Assume a tenant is leasing 8,000 sf in a regional mall of 2.0mm sf. at a minimum rent of $25 psf. Also, the tenant has a percentage rent clause with a natural breakpoint of based upon 5% of sales. The rentable areas in the mall are 900,000sf for the anchors and 500,000 for the in line tenants. Total CAM expenses are $2.0mm which the anchors have agreed to contribute 50%. If sales of our tenant totaled $4.5mm, what is the total rent charges for the tenant (\$'s or psf)