$14$

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 $$55,000$ today and another $$55,000$ in three years. Calculate the total cost of the land today, assuming a discount rate of $($a$)3\%,($b$)5\%,$ or $($c$)7\%.($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)($Use tables, Excel, or a financial calculator. Round your answers to $2$ decimal places.$)$

$\backslash$table$[[,\backslash$table$[[$Payment$],[$Amount$]],\backslash$table$[[$Interest$],[$Rate$]],$Compounding,Period Due,$\backslash$table$[[$Total Cost of Land$],[$Today$]]],[$a$.,$$$55,000,3\%,$Annually,$3$ years,$],[$b$.,55,000,5\%,$Annually,$3$ years,$],[$c$.,55,000,7\%,$Annually,$3$ years,$]]$