A business plans to construct a new factory on land originally purchased at the cost of $890,000. After buying the property, an old building was demolished at the cost of $115,000 and $30,000 was spent on landscaping. The current market value of the land is $1,100,000. The business expects to spend $1,550,000 to construct the factory and to purchase manufacturing equipment. What is the initial investment in the capital project?

Select one:

a. $2,585,000

b. $2,795,000

c. $1,990,000

d. $2,650,000

e. $2,380,000