A speculator has purchased land along the southern Oregon coast. He has taken a loan with the end-of-year payments of $8 comma 000 for 9 years. The loan rate is 6 %. At the end of 9 years, he believes that he can sell the land for $90 comma 000 .

If he is correct on the future price, did he make a wise investment? What is the future value of the loan 9 years from now?

(Round to the nearest cent.)

If he is right on the future price, did he make a wise investment?