A road building contractor has received a major highway construction contract that will require 60,000 m 3 of crushed stone each year for 5 years. The stone can be obtained from a quarry for $7.8/m 3...

A road building contractor has received a major highway construction contract that will require 60,000 m³ of crushed stone each year for 5 years. The stone can be obtained from a quarry for $7.8/m³. As an alternative, the contractor has decided to try to buy the quarry. He believes that if he owned the quarry, the stone would cost him only $6.30/m³. He thinks he could resell the quarry at the end of 5 years for $300,000. If the contractor uses a 10% interest rate, how much would he be willing to pay for the quarry?