Consider an investment in which a developer plans to begin construction of a building that will cost $2,000,000, in two years if, at that point, rent levels make construction feasible. There is a 40 percent chance that NOI will be $200,000 and a 60 percent chance that NOI will be $80,000 one year after the construction. Assuming 10 percent discount rate and an Nol growth rate of 5 percent, what should be the land value today, under the traditional approach? (please round to two decimal places) TH 0 otv W A MacBook Air