You recently received an announcement for a bred heifer sale this week. You want to purchase $20$ replacement heifers. If you purchase a heifer now, you can expect her to wean a calf by next fall. Before you go$,$ you know you should determine how much one heifer is worth to you today.

Let$$s assume that your annual net return for a cow in your herd is $$350.$ Assume the cull value of a cow in your herd is estimated at $$715.$ You value all investments on your ranch at a $4\mathrm{.}5\%$ annual interest rate. If you expect a cow to stay in your herd for five years, how much can you afford to pay for a heifer today?