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The annual rent for an office building for the first five years is $5000, $6000, $6500, $4500 and $5500 respectively. Given a discount rate of

The annual rent for an office building for the first five years is $5000, $6000, $6500, $4500 and $5500 respectively. Given a discount rate of 5%, the effective rent is:

$5504

$5634

None of the choices

$5724

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