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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 $47,000 today and another $47,000 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,PV? of $1, FVA of $1, and PVA of $1)
\table[[,\table[[Payment],[Amount]],\table[[Interest],[Rate]],Compounding,Period Due,\table[[Total Cost of Land],[Today]]],[a.,$,47,000,5%,Annually,3 years,127,992.66
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