A real-estate developer is evaluating the development potential of a property at 101 Cedar Street.The property is currently zoned for low-rise housing (maximum of 4 floors), but there is a 25% chance it will be rezoned for high-rise housing (up to 15 floors).It would cost $2,000,000 to develop as low-rise housing, but $18,000,000 to develop as high-rise housing.If housing demand is high once construction is complete, low-rise housing would generate $10,000,000 in sales, while high-rise housing would generate $25,000,000.But if housing demand is low, low-rise housing would generate $7,000,000 in sales, while high-rise housing would generate $22,000,000 in sales.If there is a 65% chance that housing demand will be high once construction is complete, what is the expected value of the property?