17. Wilson Development Co. is developing an apartment property in Florida for $102.5 million. The costs include the following; land acquisition-$12 million, land improvement costs-$3 million, hard shell costs-$75 million, architect/engineering fees-$2 million, interest carry-$4 million, loan and bro- ker fees-$1.5 million and miscellaneous soft costs of $5 million. The total soft costs are what per- centage of the total construction budget?

A.12.2% B. 25.0% C. 5.0% D. 13.0%