On a certain parcel of land, you could build a project worth $2 million today, for a construction cost of $1.8 million. If you wait and do not build the project until next year, there is a 50% chance that the project next year will be worth $2.6 million and a 50% chance that it will be worth only $1.8 million, with the construction cost still $1.9 million in both cases. If investors require a 25% expected return for holding land, what is the value of the land today?