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