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19. Farmer Jones owns 300 acres of farmland in Swedesboro, New Jersey. Nearby farmland of about the same acreage produces an average annual gross rental

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19. Farmer Jones owns 300 acres of farmland in Swedesboro, New Jersey. Nearby farmland of about the same acreage produces an average annual gross rental of $40,000. It is expected that the rental will grow at 3% a year. Average annual state and local real estate taxes are $6,000. Assume the interest rate for loans from the Federal Land Bank is 8 percent. The average annual computations are made on the basis of the 5 most recent calendar years before the farmer's death. What is the fair value of the land? 19. Farmer Jones owns 300 acres of farmland in Swedesboro, New Jersey. Nearby farmland of about the same acreage produces an average annual gross rental of $40,000. It is expected that the rental will grow at 3% a year. Average annual state and local real estate taxes are $6,000. Assume the interest rate for loans from the Federal Land Bank is 8 percent. The average annual computations are made on the basis of the 5 most recent calendar years before the farmer's death. What is the fair value of the land

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