Dr. Evans is thinking of retiring in 6 years (60 seems like a good age to retire). His big plan is to buy some open farmland and then to go into the pecan business. Well, not exactly. Picking pecans is a bit more work that he really wants to do. He has discovered the pecan wood is quite valuable, and growing trees seems like just the right about of energy (https://www.woodslabs.com/c-440-pecan.aspx). His plan is to purchase 100 acres of land in the upstate for $300,000 (https://www.acretrader.com/resources/south-carolina-farmland-prices). Then he is going to plant pecan trees and simply wait until they mature. Then he is just going to sell the land for a huge profit in 10 years. He estimates that the trees will be ready for harvesting in as little as 50 years (https://www.gardenguides.com/12390677-how-long-does-it-take-a-pecan-tree-to-mature.html).

a. It takes 50 years for the trees to be mature enough for selling, but he plans on selling 10 years after planting. The trees aren't ready for harvesting yet. TFU and explain: He won't be able to sell the land for a profit in 10 years, or at least not for any price above regular farmland.

b. Please estimate how much the land will sell for in 10 years (yes, we don't have numbers, but I want you to think through the steps based the information I have provided in the question and our models from class).

c. In as little as 10 years pecan trees will be big enough to harvest for thin boards. Pecan trees can live to 300 years. Please provide a

profit maximizing reason for why it is then optimal to cut pecan trees in 50 years based on models and ideas presented in class.