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Herman Yootics (who isnt too bright) inherits a quarter of an acre of land in downtown Seattle that is worth an estimated $1 million. He
Herman Yootics (who isnt too bright) inherits a quarter of an acre of land in downtown Seattle that is worth an estimated $1 million. He immediately signs a 30 year lease agreement with the Seafirst Bank to lease the land for $10,000 per year for the next 30 years. What would that land be worth now, given that is now encumbered by the 30 year lease? Be sure to take into account the value of the lease payment and the land itself at the end of the lease period. (4 pts)
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