Reproduction cost has been estimated as $350,000 for a property with a 70-year economic life. The current

Question:

Reproduction cost has been estimated as $350,000 for a property with a 70-year economic life. The current effective age of the property is 15 years. The value of the land is estimated to be $55,000. What is the estimated market value of the property using the cost approach, assuming no external or functional obsolescence?