You just signed a 30-year lease agreement for a business property. The monthly rent

for the first year is $1,000/month, with the first month's rent due today. Starting

from the second year onward, the monthly rent will be increased by 5%/year (i.e., the

monthly rent for the second year will be $1,050, the monthly rent for the third year will

be $1,000(1.05)^2= $1,102.5, and so on). Assuming the annually compounded interest

rate is 12%/year, what is the present value of the 360 rental payments?