IBM is considering building a factory in Madrid, Spain on land that IBM bought seven years ago for $20 million

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IBM is considering building a factory in Madrid, Spain on land that IBM bought seven years ago for $20 million. The market value of the land today would be €15 million. How should 18M account for this land in its NPV calculation for the factory The NPV should be decreased by 20 million since that's the amount 16M paid for the land. The NPV should be decreased by C15 million, since that's what the land is worth now. The NPV should not be adjusted for the latte, since it's a sunk cost. The NPV should be decreased by 5 million to account for the fact that IBM lost 5 million on the land.