You Have Opportunity To Purchase Piece

You have an opportunity to purchase a piece of vacant land for $30,000 cash. If you buy the property, you plan to hold it for 15 years and then sell it at a profit. During this period, you would have to pay annual property taxes of $600. You would have no income from the property. Assuming that you would want a 10%rate of return from the investment, at what net price would you have to sell it 15 years hence?

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