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). Under the real options approach, at the completion of the construction: (a) What will be the land value if NOI is $160,000? (b) What will be the land value if NOI is $80,000? (c) What will be the land value given all possible scenario