There are three possibilities with the future NOI of a piece of land. Net Operating Income of 267,000 (35% likely); 175,000 (28% likely), and 67,000 (37% likely). The required return is 18% with a growth rate of 2.80%. Construction costs are $1,550,000 no matter the future NOI. Assume that the developer will wait 2 years and then construction will be finished in one day. NOI referenced above will be received throughout year 3 (assume end of year for simplicity). What price would you bid on the land when you factor in the real option (i.e. if you had the option to build or not build, what would your bid price be) A. 71,365 B. 51,927 C. 63,986 D. 89,632 E. 75,635