Assume a Modigliani and Miller (MM) world with bankruptcy cost as an imperfection. KOCI is a technology company and is ready to launch a new product. Depending upon the success of this product, KOCI will have a value in two years of either €100 million, €150 million, or €200 million, with each outcome being equally likely. The cash flows are unrelated to the state of the economy (i.e. risk from the project is diversifiable) so that the project has a beta of 0 and a cost of capital equal to the risk-free rate, which is currently 5%. If the project value is below €160 million, then 10% of the value of KOCI's assets will be lost in bankruptcy costs. The present value of bankruptcy costs is closest to ?