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An oil and gas producing company owns 46,000 acres of land in a southeastern state. It operates 640 wells which produce 20,000 barrels of oil per year and 12 million cubic feet of natural gas per year. The revenue from the oil is $2,000,000 per year and for natural gas the annual revenue is $566,000 per year. What bid should be made to purchase this property if the potential buyer is hoping to make 11% per year on his investment over a period of 8 years