Hickock Mining is evaluating when to open a gold mine. The mine has 60,000 ounces of gold left that can be mined, and mining operations will produce 7,500ounces per year. The required return on the gold mine is 12%, and it will cost $14million to open the mine. When the mine is opened, the company will sign a contract that will guarantee an aftertax cash flow of $500 per ounce and a 40% probability that the aftertax cash flow will be $410 per ounce. What is the value of the option to wait Please show work and explain