DC Airlines is looking at expanding its operations in Burbank airport. The airport's management has given it a 5-year option on the expansion. The project has the following financials: Initial cash from operations - $3M Cash yearly growth rate - $0.5M Discount rate - 9% Capital expenses (yrs. 1-5) - $11M/year and $1M/year (yrs. 6-15) Risk-free rate - 4% Terminal value - $23M Volatility - 5% Maturity - 5 years

What is the NPV of the No Real Options Scenario and the Real Options Scenario, what is the price of the 5-year call option, what is the value of the option over the Real Option Scenario NPV?