3. Investment timing option Decision tree and the Black-Scholes valuation Aa Aa E Suppose a technical glitch in the trading systems in the stock markets led to several "erroneous trades Soon after, Lesnor Co., a professional training company, came up with the idea of developing a new division that would teach securities traders to communicate by using an old style of hand language on the trading floor, which would help revive that dying language. A young product development employee, Ryan, proposed this idea and also submitted the following details about the project: The division would need an initial investment of $5.0 million. Ryan expects that this division will bring in an additional $4.4 million at the end of each of the next five years. The project's cost of capital is 12%, and the risk-free rate is 4%. The WACC is used to discount all cash flows. Based on the given information, what is the project's expected net present value (NPV)? O $8.69 million O $11.95 million O $10.86 million O $16.29 million