P 500.00 r 3% t 30 Land Price Briefly describe how you solved this problem here. What TVM formula(s) did you use? 1. Phil Farmer just sold his farm to his nephew. The terms of the sale are that the nephew will pay Phil $500/acre each year for the next 30 years. 4 What is the equivalent sales price that Phil is receiving for his land, given in today's dollars, if his discount rate is 3%? Explain your answer, including any TVM formulas you used. k