21. Consider an investment project with expected gross value equal to 60 million and investment cost of 50 million. The opportunity cost of allocating capital to this project is 8% and the current risk-free rate is 4%. The expected standard deviation of , the project cash flows is 30%. There are no restrictions regarding the timing to implement the project. Select one: a. The embed value of the option to defer is 5.9 million and the value of the project is 10.5 million b. The embed value of the option to defer is 0.5 million and the project should be accepted The value of this project is 10 million and should be accepted The embed value of the option to defer is 5.9 million c. d. 21. Consider an investment project with expected gross value equal to 60 million and investment cost of 50 million. The opportunity cost of allocating capital to this project is 8% and the current risk-free rate is 4%. The expected standard deviation of , the project cash flows is 30%. There are no restrictions regarding the timing to implement the project. Select one: a. The embed value of the option to defer is 5.9 million and the value of the project is 10.5 million b. The embed value of the option to defer is 0.5 million and the project should be accepted The value of this project is 10 million and should be accepted The embed value of the option to defer is 5.9 million c. d