Tripp Reeler is considering purchasing a piece of property in Darby, Montana. He anticipates owning the land for 12 years at which time he would sell it for $7.80 million. Assuming he does not rent, farm, or ranch the land or receive any other cash flows during his ownership, what is the most he would be willing to pay for the land assuming a discount rate of 8.80% that is continuously compounded?