An oil and gas producing company owns 46,000 acres of land in a southeastern state. It operates 600 wells which produce 25,000 barrels of oil per year and 1.3 million cubic feet of natural gas per year. The revenue from the oil is $2,500,000 per year and for natural gas the annual revenue is $567,000 per year. What bid should be made to purchase this property if the potential buyer is hoping to make 12% 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 ,-12% per year J million or less should be offered for the property. (Round to two decimal places.)