Phil fanner just sold his farm to his nephew and financed, Financial Management

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Phil fanner just sold his farm to his nephew and financed

Phil Fanner just sold his farm to his nephew and financed it with the following terms. The nephew will pay Phil $600/acre each year for the next 30 years. What is the equivalent sales price that Phil is receiving for his land, given in today's dollars, if his discount rate is 4%?

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Financial Management: Phil fanner just sold his farm to his nephew and financed

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Financial Management: Phil fanner just sold his farm to his nephew and financed

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