All American Telephones inc. is considering the production of a new cell phone. The project will require an after-tax investment of $14million. If the phone is well received, the project will produce after-tax cash flows of $10million a year for 3 years, but if the market does not lake the product, the after-tax cash flows wall be only $1 mallion per year. There is a 50% probability of both good and bad market conditions. All American can deloy the project a vear while it conducts a test to determine whether demand will be strong or weak. The delay wal not affect the dolfar amounts involved for the project's after-ax investment or its atter-tax cash flows-only their biming. Because of the anticipated shifts in technology, the 1-year delay means that after tax cash fows will continue only 2 years after the invial investment is made. Afl American' WaCC is 12%. What action do yeu tecommend? Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Negative values, If any, should be indicated by a minus sign. Do not round intermediate colculations, Round your answirs to three decimbl places. NPV without waiting: s million NPV of waiting 1 year: 1 mution The best choice is