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Future value. A speculator has purchased land along the southern Oregon coast. He has taken a loan with the end-of-year payments of $7,000 for 9

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Future value. A speculator has purchased land along the southern Oregon coast. He has taken a loan with the end-of-year payments of $7,000 for 9 years. The loan rate is 5%. At the end of 9 years, he believes that he can sell the land for $80,000. 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.)

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