There is a property that you are interested in purchasing that is not currently listed for sale. You

have decided on an 80 year rotation. You estimate $300 to establish a stand. At age 30, you would

conduct a precommercial thin at a cost of $400. You expect to receive $50,000 after expenses at final

harvest. Assuming an annual property tax of $2/ac and a discount rate of 4%, what is the most you are

willing to pay per acre?