You have just commenced the construction of a proposed development and the construction period will last for 3 years. Luckily, you have sold all the units off-the-plan. The buyers have all paid a 10% deposit and will settle immediately after the completion of the construction. The total sum to be paid by all the buyers at settlement is $15,500,000.

Assume a rate of return of 5% per annum, what is the present value of the settlement payment after the completion of the development?

Please show your workings.