$3.$ The ABC firm is deciding to invest in a project. If it invests today, the investment cost is $$10$ million and the project will generate $$5\mathrm{.}2$ million cash inflow each year in next four years. However, if it waits for two years, the investment cost will be $$11$ million and the project can generate $$5\mathrm{.}8$ million cash inflow each year for four years when the economy is good or $$2\mathrm{.}4$ million cash inflow when economy is bad. Suppose the risk$-$free rate is $6\%$ and all cash flows are discounted at the risk$-$free rate, what is the real option value to wait? $($Hint: use the IRR as the return in each scenario$)$