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A parcel of land in LA, zoned to allow high-rises is for sale. Two companies have put offers in to purchase the land: Turner and

A parcel of land in LA, zoned to allow high-rises is for sale.

Two companies have put offers in to purchase the land: Turner and Bechtel.

Turner offers to pay $50,000,000 now. Bechtel wants to beat Turner's offer by $3,000,000 (in today's money) but only able to pay $22,000,000 now but will pay the remaining in one year.

How much does Bechtel have to pay in one year if the interest rate is 8% compounded semi-annually?

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