Farmer Jones owns 300 acres of farmland in Swedesboro, New Jersey. Nearby farmland of about the same acreage produces an average annual gross rental of $70,000. Average annual state and local real estate taxes are $10,000. Assume the interest rate for loans from the Federal Land Bank is 7.6 percent. The average annual computations are made on the basis of the 5 most recent calendar years before the farmers death. What is the fair value of the farmland?