What is the rough-order-of-magnitude cost estimate for the construction of a 4-story apartment in 2024 with approximately 20,000 square feet per floor? The average cost per square foot is 110 in 2021 with an approximate inflation rate of 2 per square foot per year.
1) 10,500,000
2) 2,320,000
3) 9,280,000
4) 8,800,000