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You have entered into an agreement for the purchase of land. The agreement specifies that...

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Accounting

You have entered into an agreement for the purchase of land. The agreement specifies that you will take ownership of the land immediately. You have agreed to pay $31,000 today and another $31,000 in three years. Calculate the total cost of the land today, assuming a discount rate of (a) 5%, (b) 7%, or (c) 9%. Note: Use tables, Excel, or a financial calculator. Do not round your intermediate values. Round your answers to 2 decimal places. (FV of $1

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