6) Martin Development Co. is deciding whether to proceed with Project X. The cost would be S9 million in Year O. There is a 50 percent chance that X would be hugely successful and would generate annual after-tax cash flows of $6 million per year during Years 1, 2, and 3. However there is a 50 percent chance that X would be less successful and would generate only $1 million per year for the 3 years. If Project X is hugely successful, it would open the door to another investment, Project Y, that would require a $10 million outlay at the end of Year 2. Project Y would then be sold to another company at a price of $20 million at the end of Year 3. Martin's WACC is 11 percent. a. If the company does not consider real options, what is Project X's NPV b. What is X's NPV considering the growth option? .How valuable is the growth option