Determine what sales price must be obtained at the end

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Reference no: EM13157760

AMjay Company is currently renting a parking lot for employee and visitor use at an annual cost of $9000, payable on the first of each year. The company has an opportunity to buy the lot for $50000. Maintenance and taxes on the property are expected to cost $2500 annually. Given that the property will be needed for 10 more years, determine what sales price must be obtained at the end of that period in order for Amjay to break even, when the interest is 12 percent.

Reference no: EM13157760

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