To apply the cost approach to the property valuation, depreciation including physical deterioration, functional obsolescence and exernal obsolescence should be estimated. 1 point For a 20-year-old office building designed to last for 50 years, the increase in the operating cost due to functional obsolescence is $32,000 per year. The replacement cost of the office building is $2,000,000. Assume a discount rate of 10% for the cash flows. How much should be deducted from the replacement value due to functional obsolescence? (choose the closest answer) 270,000300,000800,000960,000