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Refer to-Concept Box 171 A revised market study indicates the following: pricing for standard interior lots will probably be $109,500 each, premium interior lots $124,500, and comer lots $131,500; the average development cost per lot has been revised up to $77,500 : administrative costs, and so on remain at 12.5 percent of gross revenue. Required: a. Can the same 18 percent return on total cost continue to be maintained? b. Suppose that the developer wants a 21 percent return on cost. How much can be paid for the land? Complete this question by entering your answers in the tabs below. Can the same 18 percent return on total cost continue to be maintained? Can the same 18 percent return on folal cost continue to be maintained? Refer to Concent Box 171 A revised market study indicates the following: pricing for standard interior lots will probably be $109,500 each, premlum interior lots $124,500, and corner lots $131,500; the average development cost per lot has been revised up to $7/,500; administrative costs, and so on remain at 12.5 percent of gross revenue. Required: a. Can the same 18 percent return on total cost continue to be maintained? b. Suppose that the developer wants a 21 percent return on cost. How much can be paid for the land? Complete this question by entering your answers in the tabs below. Suppose that the developer wants a 21 percent return on cost. How much can be paid for the land? Note: Do not round intermedlate calculations. Round your final answer to the nearest whole dollar amount. 1. Goal: To provide a preliminary development plan and financial analysis to determine whether a large-scale residential lot development can be built accordance with regulatory requirements and sold at market prices sufficiently high enough to justify construction costs and the cost of land acquisition. 2. Site: 20 acres (871,200 square feet). 3. Asking price; $1,000,000. 4. Project description: Nonlinear street layout for detached, single-family homes. a. Maximum lot density per zoning and/or deed restriction; must average four lots per acre, minimum lot size in the development =6,000 square no maximum limits on lot size. b. Circulation requirement: 15% of land area for road/rights of way. c. Open space and/or required donation: 10% of land area. Retention ponds for surface water run off. d. Net developable area: 75% or 653,400 square feet e. Proposed lot mixyield: 80 lots. f. Square footage by lot type, including all setbacks to building lines: Type 1,32 standard interior @ 6,000 square feet each: Type 2,32 premium interior@8,000 square feet each; Type 3,6 corners@12,837 square feet each