19. Farmer Jones owns 300 acres of farmland in Swedesboro, New Jersey. Nearby farmland of about the same acreage produces an average annual gross rental of $20,000. Average annual state and local real estate taxes are $3,000. Assume the interest rate for loans from the Federal Land Bank is 8 percent. The average annual computations are made on the basis of the 5 most recent calendar years before the farmer's death. What is the fair value of the land