Fat Chance Investments is considering purchasing a license from The University of Tennessee to use its iconic trademark on a line of yoga mats. A 3-year license costs $50,000. If the yoga mats are well-received, then FCI will receive $100,000 per year for 3 years. The probability of this is 40%. If the yoga mats aren't well-received, then FCI will receive $15,000 per year for 3 years. The probability of this is 60%. However, if the mats are well-received, then FCI can renew the license at the end of 3 years for another payment of $50,000 and receive the same cash flows that it received in the previous 3 years for another 3 years. The cost of capital is 10%. You want to use the Black and Scholes Option Pricing Model to price this growth option. What is the value for P, the value of the underlying asset, that you should use? Note: I am not asking you to find the value of this project or the value of the option! Just P!