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8. 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 FCl will receive $100,000 per year for 3 years. The probability of this is 40%. If the yoga mats aren't well-received, then FCl will receive $15,000 per year for 3 years. The probability of this is 60%. However, if the mats are well-received, then FCl 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! \begin{tabular}{ll} a. & 86,059 \\ b. & 86,974 \\ c. & 89,721 \\ \hline d. & 91,552 \\ e. & 94,299 \end{tabular} 9. HCB has recently restructured how it is capitalized. It raised $225 million in debt at 6% interest and used this to repurchase stock at $25 per share. After this recapitalization HCB's value of operations is $500 million. Prior to the recapitalization HCB had no debt and it had no short-term investments before or after the recap. What is S (the value of equity after the recap)? \begin{tabular}{ll} a. & 275.00 \\ b. & 283.25 \\ c. & 294.25 \\ d. & 308.00 \\ e. & 330.00 \end{tabular}