A corporation is purchasing two plots of land in effort to expand its retail beverage empire.They will pay $1.6 million for the first plot of land, which they view as a fair market price given the market's current annual cap rate of 5% (Note: "cap rate" is real estate jargon for "r-g", the difference between market discount rates and growth rates).The effective annual discount rate is 8%.The second property is identical to the first property in every way.However, the second property is owned by the local public school trust that is prohibited by law from selling the property.Instead, they have agreed to lease the property to the corporation for 99 years in exchange for a lump sum payment today.At the end of the 99 years, the land will revert to the school distract at no cost to either party.What is the fair market value for the lease?