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Jackson Enterprises just purchased some land for $230,000. The land was purchased for a future...

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Finance

Jackson Enterprises just purchased some land for $230,000. The land was purchased for a future beach front property development project that will include rental cabins, lodge, and recreational facilities. Jackson Enterprises has not committed to the development project but will decide in five years whether to go forward with the project or sell off the land. Real estate values increase annually at 4.5% for unimproved property. For how much can Jackson Enterprises expect to sell the property in five years if it chooses not to proceed with the beach front development project? What if Jackson Enterprises holds the property for ten years and then sells?

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