Bluetainment plans to open a new lab in New York. Due to technical reasons, Bluetainment must open the new lab either now or in exactly one year. If Bluetainment opens the factory now, it will cost Bluetainment $0.8 million immediately to open the new lab. Bluetainment expects to receive an annual cash flow of $180,000 in perpetuity. The manager has the option to close the factory at the end of the first year and sell the factory for $2.16 million. If Bluetainment opens the factory in one year, the probability of market demand being high and low is 66% and 34%, respectively. If the market demand is high, Bluetainment will spend $1.6 million to open the new factory, and expect to receive an annual cash flow of $310,000 in perpetuity. If the market demand is low, Bluetainment will spend $0.6 million to open the new factory, and expect to receive an annual cash flow of $150,000 in perpetuity. The cost of capital for this project is assumed to be 10%. The NPV of this project for Bluetainment is closest to: Select one: a. $1.19 million b. $1.33 million c. $1.46 million d. $1.18 million