Applying Time Value. A real estate appraiser is assessing the value of a piece of land in Vancouver. Currently, the land is unoccupied but is zoned for commercial use. Plans have been approved to build a five$-$story office building. Construction is expected to start in $1$ year and will take $2$ years to complete, at a total cost of $$3$ million. For simplicity, assume that the costs are paid in equal amounts at the start of each construction year.

a$.$ Suppose a constant annual cash flow of $$400,000,$ net of all taxes and operating costs, is expected at the end of each year of operation, and the building lasts for $50$ years. What is the maximum you would be willing to pay for the land if the discount rate is $8\%?$ Explain your answer.