I am trying to determine a fair value of an asset using the time value of money.
A piece of land was exchanged for a non-interest bearing note with payments of $12,000 for 9 years at 11%.
The original purchase price of the land was $90,000
The text states that the fair value amount should be $66,444.60, but I am not sure how the text got this amount.

I used the future and the present value of an ordinary annuity, but I really do not know what I am doing. Please help me. I am so lost