Using a discount rate of 8%, compute the effective rent (per square foot) of a ten-year net lease. The lease provides for a net rent of $12/sf in the first year, increasing by $1/sf each year thereafter. The lease contains a front-end six-month concession. In the sixth year of the lease, the landlord will paint the tenants space, equal in value to $3/sf. To assist you, you are being provided a grid:

Year	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Cash Flow