A project has been assigned a discount rate of 12 percent. If the project starts immediately, it will have an initial cost of $480 and cash inflows of $350 a year for 3 years. If the start is delayed one year, the initial cost will rise to $520 and the cash flows will increase to $385 a year for 3 years. What is the value of the option to wait? Don't round steps. 2 decimal answer.

Value of option to wait =