Iron Works International is considering a project that would refurbish a run-down building that it currently owns. The building was purchased five years ago for $16 million and rented over this period. The rental income was enough to pay off all of the debt on the building. The building could now be sold for $1.7 million, Iron Works is thinking about changing the building into fancy loft apartments for the new trendy marketplace. This would cost $1.9 million to convert the old building to these loft apartments. If converted to loft apartments, Iron Works would generate future Income estimated to be $4.9 million on a present value basis. The opportunity cost for this project is which one of the following? Multiple Choice O Present value of the future income O ) The amount that the building could be sold for O ) Current market value of the building plus the remodeling costs O Cost of the remodeling O initial cost of the building plus the remodeling costs