0.9.0 We used Real Options Value (ROV) to value Century Property's THREE (3) financing options: (a) spot payment at 25% discount; (b) equal payment at 12% discount (up to 14%) over the lifetime of the development; and (c) 40-60 payment at 0% discount, where 40% of the purchase price is scheduled as equal payments over the lifetime of the development, and 60% of the purchase price is at the completion of the development (TOP). Depending on which option you choose, this will result in different fixed costs, i.e. X. Also, we used (d) a benchmark of borrowing the total amount of the fixed cost at c interest rate with spot payment at 25% discount.