You are valuing a property with a fixed level rent absolute net lease of $10 per sq. ft. and holding period of 5 years. You believe the appropriate yield rate over this time period is 10%. However, you believe income beyond the holding period will increase at 3% and the appropriate discount rate will increase to 12%. What is the value of the property today (on a per sq. ft. basis)?

a. $111.11 b. $108.97 c. $106.90 d. $100.00

The correct answer is b. $108.97 but need help with how to get there. Please include financial calculator functions if possible.