Property Valuation
A property has a replacement cost new of $400,000, accumulated depreciation of $60,000, and land value of $75,000. What is the cost approach value?
A$340,000
B$355,000
C$415,000✓ Correct
D$475,000
Explanation
Cost Approach Value = (Replacement Cost New - Depreciation) + Land Value = ($400,000 - $60,000) + $75,000 = $340,000 + $75,000 = $415,000.
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