You have the opportunity to buy a piece of land with your brother-in-law, Joseph Wheeler Dealer. The land can be purchased for $2,000,000 and Joseph is 100% positive that it can be sold for $3,000,000 in eight years. In fact, he will guarantee this sale price (assume the $3,000,000 is actually achieved). As he says, "this is a no-brainer 50% return." What do you think the actual returns will be? The property is in Miami-Dade County Florida and needs to be fenced. You might also need liability insurance. You can pay cash or finance the project (easier to model a cash transaction). The cleanest assumption is to assume no debt. Do you have all the holding costs? Probably the best way to do this is with a short excel program. This requires TVM calculations!