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Lauer s have decided to expand their retail shop by building on a vacant lot they own. The company will build a new building at

Lauers have decided to expand their retail shop by building on a vacant lot they own. The company will build a new building at an estimated cost of $1.8 million. The firm will spend another $400 thousand on the parking and access roads. The land was purchased ten years ago at a cost of $900 thousand. Today, that land is worth 2.8 million. What is the cost of this expansion project?
a.
$2.2 million
b.
$3.1 million
c.
$5.0 million
d.
$5.9 million
e.
$4.6 million

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