Utilize the following financial information to answer the question. Current value of land $2,000,000 Cost to rebuild the physical structure $7,500,000 Furniture, fixtures and equipment $ 500,000 Economic deductions $ 800,000 Functional obsolescence $ 200,000 Physical deterioration $1,000,000 Based on the cost replacement approach, how much would be the estimated value of the property?

		$ 7,000,000
		$ 8,000,000
		$ 9,000,000
		$10,000,000