31. Pete's Real Estate is currently valued at $65,000. Pete feels the value of his business will increase at a rate of 10% per year, compounded semiannually for the next 5 years. At a local fund-raiser, a competitor offered Pete $70,000 for the business. If be sells, Pete plans to invest the money at 6% compounded quarterly. What price should Pete ask? Verify your answer. LU12I(2),LUI22(2)