Answer please

Hi! Please provide me the correct answer for this question.. A business owns some land that could be sold for $1 million and which cost $800,000 two years ago. Alternatively, the land could have apartments build on it for a present cost of $5 million. The apartments would bring in rent of $550,000 pa in perpetuity from time 1 onwards. Discount rate = 10% What is the NPV of the project? Is my answer correct? NPV of taking on the project of building the apartment instead of selling = -5000000 (Present cost) -1000000 (Opp cost of not selling the land now) +5500000 (550000 x 1/0.10) = -500000 therefore the project shouldn't be taken on. Obviously the 800000 cost two years ago is a sunk/past one & hence irrelevant.