A class "C" hotel in Ghosttown is for sale. Based on its average daily rates and operating and other expenses projections, it is estimated that next year it will produce $123,000 in net operating income. This income is then expected to grow by 6% per year indefinitely. An out-of-town investor is considering buying the property and selling it 9 years from today. Investor's required return is 14%. Calculate the estimated resale price.

Increase the decimal place to 6 or even higher for any intermediate calculations, or do the problem in Excel, if you can.