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Pete's Real Estate is currently valued at $71,000. Pete feels the calue of his business...

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Accounting

Pete's Real Estate is currently valued at $71,000. Pete feels the calue of his business will increase at a rate of 14% per year, compounded semiannually for the next 6 years. At a local fund-raiser, a competitor offered Pete $76,000 for the business. If he sells, Pete plans to invest the money at 8% compounded quarterly. What price should Pete ask?
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Pete's Real Estate is currently valued at $71,000. Pete feels the value of his business will increase at a rate of 14% per year, compounded semiannually for the next 6 years. At a local fund-raiser, a competitor offered Pete $76,000 for the business. If he sells, Pete plans to invest the money at 8% compounded quarterly. What price should Pete ask? (Use Table 1 and Table 2 provided.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

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