A company is considering a project that has been assigned a discount rate of 11.80%. If the company starts the project today, it will incur an initial cost of $630,000 and will receive cash inflows of $188,000 a year for five years. If the company waits one year to start the project, the initial cost will rise to $665,000 and the cash flows will increase to $210,000 a year for five years. What is the value of the option to wait? (The value of the option to wait is the difference between the NPV of the project if it is delayed one year and the NPV of the project if it is implemented immediately).

		$36,790.61
		$36,057.61
		$35,324.61
		$34,591.61
		$33,858.61