(Purchase Price of a Business) During the past year, Stacy McGill planted a new vineyard on 150 acres of land that she leases for 30,000 a year. She has asked you as her accountant to assist her in determining the value of her vineyard operation The vineyard will bear no grapes for the first 5 years (15). In the next 5 years (610), Stacy estimates that the vines will bear grapes that can be sold for 60,000 each year. For the next 20 years (1130) she expects the harvest will provide annual revenues of 110,000. But during the last 10 years (3140) of the vineyard's life, she estimates that revenues will decline to 80,000 per year During the first 5 years the annual cost of pruning, fertilizing, and caring for the vineyard is estimated at 9,000; during the years of production, 640, these costs will rise to 12,000 per year. The relevant market rate of interest for the entire period is 12%. Assume that all receipts and payments are made at the end of each year Instructions Dick Button has offered to buy Stacy's vineyard business by assuming the 40-year lease. On the basis of the current value of the business, what is the minimum price Stacy should accept?