Your company owns a parcel of land in a currently undeveloped part of the county. As the neighbouring city grows eastward, you believe there is a 50% chance of residential development, a 20% chance of industrial development, and a 30% chance of no development of the area surrounding the parcel of land. If you build a roller rink and the land is developed residentially, the roller rink will have a present worth of $2M. A roller rink in an industrial area will have a present worth of $25K and in an undeveloped area a present cost of $3M. The comparable values for a gas station are residential $272K, industrial $200K, and undeveloped $10K (present worth, not cost).

What is the expected monetary value of present worth for the gas station (in dollars)? (provide the absolute value of your answer below; i.e., as a positive value.)

What, if anything, should be done with the land?