A project with an up-front cost at t = 0 of $8 million is being considered by Nationwide Pharmaceutical Corporation (NPC). NPC estimates that the project will generate positive net cash flows of 4 million a year for the next 4 years (That is, the investment of 8 million will be made in year O and the positive cash flows will occur in years 1-4). NPC also estimates that if it waits 2 years, then the project will cost 9 million (instead of 8 if it doesn't wait). Moreover, if it waits 2 years, then there is a 90% chance that the net cash flows would be $4.2 million a year for the next 4 years and a 10% chance that the cash flows would be $2.2 million a year for the next 4 years (That is, the investment of 9 million will be made in year 2 and the positive cash flows will occur in years 3-6). The WACC of the project is 10%. What is the expected NPV of the project if NPC decides to wait? $5.94 $3.21 $8.81 $11.53 $3.04