TB MC Qu. 13-17 Consider an investment in which a... Consider an investment in which a developer plans to begin construction of a bullding that will cost $1,000,000 in one year if at that point, rent levels make construction feasibie. There is a 50 percent chance that NOI will be $160.000 and a 50 percent chance that NOI will be $80,000. Using the traditionat opproach, which is similiar to the "'ighest and best use" approsch, what will the land value of the property be ot the completion of the construction, nssuming a cap rate of to percent (12 percent discount rase and an NOI growh rate of 2 percent? Multiple Cricice 5120.000 $200,000 5300.000 5933.333