Freley Enterprises is considering two different development plans for an old building they own and want to restore. The building was purchased five years ago for $237,500. The first plan is to create an executive resort and conference centre at an estimated cost of $2.1 million. The second plan is to develop luxury apartments with a total cost of $3.4 million. Of course, there is always the third option, and that is to take the offer they just received of $275,000 and sell the property. Which one of the following values represents the opportunity cost of this project? a. $237,500
b. $275,000
c. $2,337,500
d. $3,637,500
e. $3,675,000