A tract of land with a building was acquired for $6,000,000. The closing statement indicated that the land value was $1,000,000. Shortly after acquisition, the building was demolished at a cost of $200,000. A new building was constructed for $3,000,000 plus the following costs: Excavation fees - $120,000 Architectural design fees - $160,000 Building permit fees - $40,000 Payment for insurance premium during the construction period - $75,000. What is the cost of the new building?

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