An Australian multinational company is considering a foreign investment in Gerrrany. The investment yields expected after$-$tax cas flows $($in millions, EUR$)$ as follows:

Year $0$

$($initial Year $1$ Year $2$ Year $3$

investment$)$

EUR $-500$ EUR $300$ EUR $300$ EUR $300$

Suppose that there is a $10\%$ probability each year that the German government will nationalize the project. If this happens, this Australian company will lose all of its cash flow that year and cannot continue its project operation further.

Required returns for projects in this risk class are $15\%$ in AUD and $20\%$ in EUR. EUR$-500$ million at Year $0$ means that the initial investment is EUR $500$ million.

The project NPV with the potential nationalization in EUR is EUR $$ million $($keep two decimal points, without comma, e$.$g$.,12345\mathrm{.}67$ or $-123\mathrm{.}40).$

If there is an option for the MNC to pay EUR $30$ million to the German government at Year $0($now$),$ this would change the probability of nationalization to $5\%.$ Assume that this does not change the project's required return.

The new project NPV in EUR is EUR $$ million $($keep two decimal points, without comma, e$.$g$.,12345\mathrm{.}67$ or $-123\mathrm{.}40).$