You have accepted an assignment to appraise 120 acres of unimproved rolling and wooded land. It is zoned for residential and ready for development into a subdivision. The developer's consulting engineers estimate that 18% of the tract will be used for streets, sidewalks and utilities. The county planner informs you that the tract can be developed at the density of 3.5 lots per acre of net developable land after deducting land for streets and sidewalks. The market analysis of competitive developments leads you to believe the lots in the subject tract will sell for $13,000 each to builders, and the development should sell out within one year. O the basis of a careful analysis of other developments and interviews with knowledgeable developers, you estimate selling costs, overhead, contingencies, carrying costs, and developer's profits will total 38% of sale prices. The engineer tells you that 8,000 lineal feet of streets (including sidewalks and utility routes) will be installed by the developer at an estimated cost of $65 per lineal foot. 1. How many lots can be developed? 2. What are the gross receipts from the sale of all lots? 3. What are the development costs of installing streets, sidewalks, and utility lines? 4. How much money must be allocated to selling costs, overhead, contingencies, carrying costs, and developer's profits? 5. What is your estimate of the present value of the 120 acre tract (total value and per acre value)