A landlord is evaluating his investment in a new residential apartment building. According to his evaluation, internal rate of return on this investment is 8% if (i) annual rent is $70,000 for 10 years and (ii) resale value of the building is 13% of the initial value at the end of the 10th year. What is the purchase price of the building?

(Do not use the $ sign and round your answer to the nearest $ value)