1 pts The developer plans to start construction of a building in one year if at that point rent levels make construction feasible. The building will cost $800,000 to construct During the first year after construction would take place, there is a 50 percent chance that NOI will be $130,000 and a 50 percent chance that NOI will be $90,000. In either case, NOI is expected to increase at 2 percent per year after the first year. How much should the developer be willing to pay for the land if she wants a 12 percent return under the real option approach? (round to two decimal places)