Exercise C-7 (Algo) Calculate the present value of a single amount (LO C-3) 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 $32,000 today and another $32,000 in three years. Calculate the total cost of the land today. assuming a discount rate of (a) 4%, (b) 6%, or (c) 8%. (FV of $1. PV of $1. EVA of S1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) a b. C Payment Amount $ 32,000 32,000 32,000 Interest Rate Compounding Period Due 3 years 3 years 3 years Annually 496 6% Annually 89 Annually Total Cost of Land Today

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