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You own a real estate investment company and your interns have provided the below annual estimates of NOI for an office building you can acquire today for $10m. A nearby property of a similar type and class recently sold for $9.7m and the owner had a first year projected NOI of 617,700 of the property. Based on the direct capitalization method of valuation, what is your estimate of the market value of the property if you apply the same cap rate to the property you are considering to purchase? Please round your answer to the nearest cent.