A farmer is considering adopting a soil conservation practice that will raise his profits next year and every year after for a total of 5 years by $100. He has the alternative of putting his money in the bank, which would pay %5 per year. The maximum amount that the farmer would be willing to pay immediately for the practice is $________.
Fill in the blank(s) with the appropriate word(s).
$100/(1.05)1+ $100/(1.05)2+ $100/(1.05)3+ $100/(1.05)4+ $100/(1.05)5 = 432.95
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