A 50-acre site is on the market for $3,000,000. A developer believes that 250 single family lots can be sold for $25,000 per lot over a three-year period. Marketing and commission costs are estimated to be 7% of sales. Development costs are estimated at $25,000 per acre and will be incurred in year one. Assume taxes to be $25,000 in year one, $20,000 in year two and $10,000 in year three. The "typical" developer's overhead and profit for the area is 20% of retail sales. Given a discount rate of 13% and annual accounting, what is the indicated value of the raw land?