Building an apartment building is one possible use for a vacant lot. Its expected NOI and construction cost are below. The applicable cap rate and growth rate are also provided.

Apartments NOI $/$ cost $=$ $$1,600,000/$ $$11,000,000$

Cap Rate $=12\%$

Growth rate $=3\%$

What is the land value assuming that you choose this option for developing the land? Round to the nearest dollar. $($ch$.10$ pt$.3,$ slides $11-16)$ Keep track of your answer to save time on the next question