Demand	Probability	Year 0	Year 1	Year 2	Year 3	Year 4	E(NPV)
High	0.30	-$100	$50	$50	$50	$50
Average	0.50	-$100	$32	$32	$32	$32
Low	0.20	-$100	$20	$20	$20	$20

Projects WACC = 12% and risk-free rate = 4%. All cash flows in millions.

1. (2 points) For the project in the above table, compute the NPV for each demand scenario and compute the overall Expected NPV (without using any timing or growth options).
2. (4 points) If you had the option to delay the project one year, what is the value of the projects Expected NPV?
3. (4 points) For the project in the above table, if you had the option to replicate the option after the project ends in 4 years, what is the value of the growth option (compute the growth options Expected NPV)?