suppose you own a tract of land but your tenant owns the building on that land. However, the contract stipulates that the building will revert to you 23 years from today, so from that date forward you will own both the land AND the building. You believe that the value of the building at the time you take possession of it will be equal to the value of the land. This year's rent of $3 million has just been paid, and rent is expected to grow at an annual rate of 7% from today until the building reverts to you. After that, annual rent is expected to grow at a rate of 3% forever. Assume your WACC is 11%. Given all of this information, how much is your tract of land worth today?