Consider an investment in which a developer plans to begin construction of a building that will cost $1,000,000 in one year, assuming at that point rent levels make construction feasible. There is a 50% chance that NOI will be $160,000 and a 50% chance that NOI will be $80,000. Also assume a cap rate of 10% (12 percent discount rate and an NOI growth rate of 2 percent). Question 29 (7 points) Using the traditional approach, i.e. the "highest and best use" approach: (a) What will be the value of the building at the completion of the construction? (5 points) (b) What will be the land value at the completion of the construction? (5 points)