Tom Anderson, owner of Sandhill Estate Inc., buys and sells commercial properties. Recently, he sold land for $$3,110,000$ to the Tamarisk Group, a developer that plans to build a new shopping mall. In addition to the $$3,110,000$ sales price, Tamarisk Group agrees to pay Sandhill Estate Inc. $1\%$ of the retail sales of the mall for $10$ years. Tamarisk estimates that retail sales in a typical mall project is $$1,080,000$ a year. Given the substantial increase in online sales that are occurring in the retail market, Tom had originally indicated that he would prefer a higher price for the land instead of the $1\%$ future$-$sales$-$based arrangement and suggested a price of $$3,374,000.$ However, Tamarisk would not agree to those terms.

What is the transaction price for the land and related royalty payment that Sandhill Estate Inc. should record?

Transaction price $