You have inherited 100 acres of Iowa farmland. There is an active market in this type of land and other similar properties are selling for $10,000 per acre. If planted with corn, the net cash flows are expected to be $800 per acre forever. If the discount rate is 10%, how much is the land worth per acre?

Calculate the Present Value (PV), Market Value, and Land value for the firm. Show all work and calculations. Please no handwritten answers or Excel.