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determining fair value
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 |
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