Real Estate Math
A Utah commercial lease is 3,500 sq ft at $24/sq ft/year with annual 3% rent escalations. What is the rent in year 2?
A$84,000
B$86,520✓ Correct
C$87,120
D$88,200
Explanation
Year 1 rent = 3,500 × $24 = $84,000. Year 2 rent = $84,000 × 1.
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