Eva Investment Company is considering the purchase of an office property. It has done an extensive market analysis and has estimated that based on current market supply and demand relationships, rents, and its estimate of operating expenses, annual NOI will be as follows:

EOY

NOI

$1$

$$1,000,000$

$2$

$$1,000,000$

$3$

$$1,250,000$

$4$

$$1,250,000$

$5$

$$1,350,000$

It is further expected that beginning in year $5$ and every year thereafter, NOI will tend to reflect a stable, balanced market and should grow at $3\%$ per year indefinitely. Eva believes that investors should earn a $12\%$ return $($r$)$ on an investment of this kind.

Assuming that the investment is expected to produce NOI in years $1-5$ and is expected to be owned for $4$ years and then sold, what would be the value for this property today? $($compute your answer using $4$ decimals and round your final answer to whole numbers$)$