KN Jewelers purchased some land four years ago at a cost of $218,001. They spent $45,000 to raze the old building and clear the lot. Today, the lot is valued at $237,000 and produces an annual income of $22,000 from its use as a parking lot. KN has drawn plans to construct a new retail store on this land. The lot preparation costs will be $28,000 and the building will cost $229,500. What is The initial cost of this project ?

 

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To calculate the initial cost of the project we need to consider the cost o... View the full answer