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Assume a 4 year lease at $24.00 price per square foot per year ($2 per month)...

Assume a 4 year lease at $24.00 price per square foot per year ($2 per month) with the 1st year free rent. Assume all lease payments are beginning of the month. The required rate is 8% APR. What is the annual effective rent price per square foot assuming rent is paid monthly?

A. $12.46

B. $13.41

C. $14.34

D. $14.61

E. $15.07

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