Exercise C-7 (Algo) Calculate the present value of a single amount (LO C-3) 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 $32,000 today and another $32,000 in three years. Calculate the total cost of the land today. assuming a discount rate of (a) 4%, (b) 6%, or (c) 8\%. (FV of \$1. PV of \$1. EVA of S1, and PVA of S1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.)