Christina is considering becoming an entrepreneur and building a factory to manufacture jigsaw puzzles. They are very popular right now, with folk shut in by the pandemic. She can either invest now or wait a year to see if a vaccine for COVID is developed in the next year. She believes that her cash flows will $700,000 this coming year (2021) and then thereafter either be $2 million per year if an effective vaccine is not developed in 2021, or $500,000 per year if an effective vaccine Is Heveloped in 2021, and she believes that these outcomes are equally likely. Her cost of capital is assumed to be 10% forever. For convenience, you may assume that all cash flows take place at the end of the year. She could invest $10,000,000 to begin this venture now (12/31/2020). Alternately, she could wait until the end of 2021 to see if a vaccine is developed, and pay $12,300,000 at that point in time. However, she would need to make a down payment on the land now to be certain of its availability should she decide to build then. Future cash flows would be assumed (as above) to be $2,000,000 per year it no vaccine is developed in 2021, but only $500.000 per year if a vaccine is developed in 2021. If the down payment is equal to x, she is indifferent between the two options. What is x? O $500,000 O $1,500,000 O $2,500,000 $1,000,000 $2,000,000