In evaluating an oil royalty payment from some land you own and the option of getting a payment today, you need to make a decision if you should take the payment now or annually wait to receive the payments. They want an offer from you on how much you would take today as a single payment. The deal is an annual $$38,400$ payment to you for access to the land and they will pay for $10$ years. Your opp. cost of money rate is $3\%.$ In looking at a single payment, the minimum value you would take for this opportunity is $ $q,($NPV$,$ no cost for today$).$

$$ $$40,000$

$$245,600$

$$327,560$

$$145,800$