Consider an investment in which a developer plans 10 begin construction of a bulding that wil cost $1,000,000 in one year if at that point, rent levels make construction feosible. There is a 50 percent chance that NOI wil be $160,000 and a 50 percent chance that NOI will be $80000 Assuming a cap fate of 10 percent (12 percent discount tate and an NOI growh rate of 2 percent) what would the land value be at the completion of the construction ander the real options approach? Muntole Choice $200000 $300000 1833393 $120000