About twenty thousand acres of swampland in the southern U.S. was purchased for $6,000,000. The purchaser intends to keep it for twenty years and then sell it for a profit. The purchaser speculates that he can get a 6% after-tax rate-of-return even though he estimates an average 2% annual inflation rate during that period. Suppose income taxes are 15% of capital gains. What price must he sell the entire acreage for at the end of twenty years to achieve his speculated rate of return? Show work.

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