Here is the ORIGINAL data of the Sporthotel problem: 1. Projected outflows First year (Purchase Right, Land, and Permits) Second Year (Construct building shell Third Year: (Finish interior and furnishings) TOTAL $1,000,000 $2,000,000 $2,000,000 $5,000,000 2. Projected inflows If the franchise is granted hotel will be worth: If the franchise is denied hotel will be worth: $8,000,000 when it opened $2,000,000 when it opened. The probability of the city being awarded the franchise is 50%. Assume that everything is the same as in that problem except for one thing: the first year projected outflow is not $1 million but instead is $1.4 million. Given this change, which of the following is true when the franchise is granted? a. The project's NPV = $0.70 million b. The project's NPV = $0.80 million c. The project's NPV = $0.90 million d. The project's NPV = $1.00 million e. The project's NPV = $0.60 million Here is the ORIGINAL data of the Sporthotel problem: 1. Projected outflows First year (Purchase Right, Land, and Permits) Second Year (Construct building shell Third Year: (Finish interior and furnishings) TOTAL $1,000,000 $2,000,000 $2,000,000 $5,000,000 2. Projected inflows If the franchise is granted hotel will be worth: If the franchise is denied hotel will be worth: $8,000,000 when it opened $2,000,000 when it opened. The probability of the city being awarded the franchise is 50%. Assume that everything is the same as in that problem except for one thing: the first year projected outflow is not $1 million but instead is $1.4 million. Given this change, which of the following is true when the franchise is granted? a. The project's NPV = $0.70 million b. The project's NPV = $0.80 million c. The project's NPV = $0.90 million d. The project's NPV = $1.00 million e. The project's NPV = $0.60 million