NINV = $1,500,000 + 200,000 + 100,000 + 1,000,000 = $2,800,000 The $300,000 for the land is not included because it is a sunk cost. The $300,000 is still paid whether you accept or reject the project. The $1,000,000 foregone is included because it is an opportunity cost. The decision to open the pub means Feinstein will not be able to sell the land for $1,000,000.