An insurance company is considering developing a new product. Developing this product will cost 10 million immediately. The expected present value of free cash flows for this product is 15 million. The volatility of the value is 0.50. The product will take one year to develop. Alternatively the company can wait one year and see how other companies are doing with similar products. Waiting one year will not affect the cost of the project. The cost of capital is 0.1. The annual effective risk-free interest rate is 0.05. Calculate the value of this investment opportunity using the Black-Scholes formula.