You are presented with an opportunity to invest in a development project. The development project is an apartment building that will take 3 years to build, so you expect $0 in cash flows for years 1 to 3. After the development is complete you expect to receive the following cash flow from operations: Year 4, $123,000; Year 5, $178,000; Year 6, $234,000; Year 7, $300,000. At the end of Year 7, you expect to receive $2,700,000 from the sale of the property. How much would you be willing to pay to invest in this opportunity if your required return for similar investments is 11.00%?