5.34 Baker and Sons specializes in land development and construction management. It is considering whether to develop a research park near a major engineering school. The land will cost $20M, and the design and construction of the infrastructure will cost $25M. The plan is to build a new building each year for 15 years at an average cost of $10M. Operating costs for the buildings will be paid by the tenants. In year 20, the research park will be sold for $250M (land, buildings, and goodwill). Tenants will pay 15% of the cost of the buildings each year in rent. If Baker and Sons uses an interest rate of 8%, what is the PW of the research park? (Assume 1 year for infrastruc- ture construction and 1 year for each building.)