Bath plc is considering whether to invest 90 million today in a one-year research project to develop a new Covid vaccine. At the end of year one, the company will know the vaccine's effectiveness, and the company may then choose to invest an additional 180 million to roll out the vaccine worldwide. There is a 60% chance that the vaccine will be highly effective and the rollout will generate 100 million p.a. forever, with the first cash inflow coming in at the end of year two. There is a 40% chance that the effectiveness of the vaccine will be just average and the rollout will generate 30 million a year forever, starting from the end of year two. The appropriate discount rate for the cash flows is 25% p.a. Which of the following statements is most likely to be false? A If the real option is taken into consideration, the vaccine research and rollout project has an NPV of 3.6 million B The company should invest the additional 180 million in the rollout only if the vaccine is highly effective If the real option is taken into consideration, the vaccine research and rollout project has a positive NPV D If the real option is not taken into consideration and the company proceeds with both the vaccine research and rollout, the NPV from the project is negative E If the real option is taken into consideration, the vaccine research and rollout project has an NPV of 15.6 million