Answer the following questions - please elaborate in detail and break your responses into paragraphs. 1. How does an option to wait or postpone a project add value to the project? 2. How does an abandonment option increase the value of a project? 3. Explain the difference between the value of a project and the value of real options associated with the project. 4. Explain the main difference between the Black-Scholes formula and the binomial method