3. Carlson Inc. is evaluating a project in India that would require a \\( \\$ 6.2 \\) million investment today \\( (\\mathrm{t} \\) \\( =0 \\) ). The after-tax cash flows would depend on whether India imposes a new property tax. There is a 50-50 chance that the tax will pass, in which case the project will produce after-tax cash flows of \\( \\$ 1,350,000 \\) at the end of each of the next 5 years. If the tax doesn't pass, the after-tax cash flows will be \\( \\$ 2,000,000 \\) for 5 years. The project has a WACC of \12.0. The firm would have the option to abandon the project 1 year from now, and if it is abandoned, the firm would receive the expected \\( \\$ 1.35 \\) million cash flow at \\( t=1 \\) and would also sell the property for \\( \\$ 4.75 \\) million at \\( t=1 \\). If the project is abandoned, the company would receive no further cash inflows from it. What is the value of the option to abandon the project