Brasov airport is a business investment of EUR $(55+\frac{q}{5})$ mil. with an opportunity cost of capital $r$ of $4\%.$ The expected revenue of this business in the first $5$ years of operation is EUR $10$ mil. in the first year of operation, with a growth rate $g=20\%$ each year. There is some uncertainty over the construction and authorization delays. Please, calculate the NPV in these three scenarios:

Scenario $0-$ No delays. The investment is made in year $0$ and the first income year is year $1.$

Scenario $1-1$ year delay. The investment is made in year $0$ and the first income year is year $2.$ Year $1$ brings zero cashflow.

Scenario $2-2$ years delay. The investment is made in year $0$ and the first income year is year $3.$ Years $1$ and $2$ bring zero cashflow.

NPVO $=$

NPV$1=$

NPV$2=$

Would you invest? Explain your decision:

Calculate the minimum growth rate $\%$ for which this business is worth doing even in the worst Scenario $2.$ q$=18$