An oil and gas producing company owns 43,000 acres of land in a southeastern state. It operates 610 wells which produce 19,000 barrels of oil per year and 1.6 million cubic feet of natural gas per year. The revenue from the oil is $1,900,000 per year and for natural gas the annual revenue is $589,000 per year. What bid should be made to purchase this property if the potential buyer is hoping to make 11% per year on his investment over a period of 12 years. Click the icon to view the interest and annuity table for discrete compounding when i=11% per year. $ million or less should be offered for the property. (Round to two decimal places.)