You have entered into an agreement for the purchase of land. The agreement specifies that you will take ownership of the land

immediately. You have agreed to pay $$48,000$ today and another $$48,000$ in three years. Calculate the total cost of the land today,

assuming a discount rate of $($a$)4\%,($b$)6\%,$ or $($c$)8\%.$

Note: Use tables, Excel, or a financial calculator. Do not round your intermediate values. Round your answers to $2$ decimal places.

$($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Answer is complete but not entirely correct.