9. A clever investor purchased a piece of land 5 years ago for $175,000. Its appraised value is now twice the original cost. Year-end taxes have been 4% of the purchase price until now. A street assessment of $17,500 was paid 2 years ago. A land developer is willing to buy the land at the appraised price plus the investors ownership costs (i.e., taxes plus street assessment fee) on a 4-year contract (4 equal annual payments) at 9% compounded annually. How large should the developers four annual payments be if the investor uses an annual interest rate of 15% in figuring the time value of ownership costs?