Consider an investment in which a developer plans to begin construction of a building that will cost $1,000,000 in one year it, at that point, rent levels make construction feasibid. There is a 50 percent chance that Nol will be $160,000 and a 50 percent chance that Nol will be $80,000. Assuming a cap rate of 10 percent (12 percent discount rate and an Nol growth rate of 2 percent) what would the land value bo at the completion of the construction under the real options approach? (compute your answer using 4 decimals and round your final answer to whole numbers) 4