Temple Island Development Company has purchased land for 50 million and proposes to develop 60 housing units. The houses will take 2 years to be ready, and the developer accepts a discount rate of 16%. The cost of developing the house is 10 million and the sale of each house is 25million. Design fee @ 15% of Construction fee. Assume interest of 15% for unseen factors after 6 months of commencement. A cost of Disposal of units at 10% of GDV Advise the Company on financial viability of the project. How much should it pay for land if it had not been paid for?