QUESTION 9 Holiday Inn is considering remodeling plans for an older hotel. The building was purchased last year for $980,000. They want to create a modern resort with an estimated cost of $3.9 million. The estimated present value of the future income from this resort is $5.8 million. However, the firm was given a cash offer for the property of $1.6 million as is. Which one of the following represents the opportunity cost of the remodel project? O A SO $980,000 $1,600,000 OC. $3,900,000 OD. $5,800,000 OE. 9 points Save