Jordan Investment Company is considering the purchase of the undeveloped Regent Tract of Land. It is currently zoned for agricultural use. If purchased however, Jordan must decide how to have the property rezoned for commercial use and then how to develop the site. Based on its market study, Jordan has made estimates for the two uses for the first year that it deems possible, that is, office or retail. Based on the estimates, the land could be developed as follows: What is the residual value for the retail use? $15,400,000$3,600,000$7,466,667$11,550,000