Refer to the highest and best use analysis in table below. Use Office Retail Apartment Warehouse (a) (b) Year 1 NOI (r-9) $ 536,eee 2.13-0.03 $ 636,eee 0.12-0.04 $441, e88 . 12-0.23 $ 436,eeee.1e-e.e2 (c) R B.10 0.08 8.09 0.08 (aic = d) (d) - (e) Implied Property Construction Cost of Implied Land Value (PV) Building Value(Residual) $ 5,368,000 $ 4,000,eee 1,360,000 7,950,000 $ 6,750,000 1,200, eee 4,9ee, eee $ 3,eee, 800 1,9ee, eee 5,450, eee $ 4,000,eee 1,450,000 Required: Suppose that the warehouse Income would grow at 3 percent per year instead of 2 percent. a. Does this change the highest and best use of the site? Yes b. What is the new implied land value? (Do not round Intermediate calculations. Round your final answer to the nearest dollar amount.) New.implied land value