5.1-6.) 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 $38,000 today and another $38,000 in three years. Calculate the total cost of the land today, assuming a discount rate of (a) 3%, (b) 5%, or (c) 7%. 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) 7.5 points Skipped eBook Print References a. b. C. Payment Amount $ 38,000 38,000 38,000 Interest Rate 3% 5% 7% Compounding Annually Annually Annually Period Due 3 years 3 years 3 years Total Cost of Land Today

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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 $38,000 today and another $38,000 in three yeers. Calculate the total cost of the land today, assuming a discount rate of (a) 3% (b) 5% or (c) 7%. Note: Use tables, Excel, or a financial calculator. Do not round your intermediate values. Round your answers to 2 decimal places. EVV of 51. PY of S1. EVA of \$1, and PVA of S1)