A company is considering a project that has been assigned a discount rate of 14 percent. If the company starts the project today, it will incur an initial cost of $695,000 and will receive cash inflows of $230,000 a year for five years. If the company waits one year to start the project, the initial cost will rise to $742,000 and the cash flows will increase to $256,000 a year for five years. What is the value of the option to wait?

		$28,841.95
		$27,051.08
		$26,683.92
		$25,451.66
		$24,780.30