I need all the 3 parts solution with formulas (No need to tell the chegg rule in comment).

Llao Llao S.A. is interested in developing a new hotel in Bariloche (Argentina). The company estimates that the hotel would require an initial investment of $20 million and expects that the hotel will produce positive cash flows of $3 million a year at the end of the next 20 years. The project's cost of capital is 13 percent.

a) What is the project's net present value?

b) While Llao Llao S.A. expects the cash flow to be $3 million a year, it recognizes that the cash flows could, in fact, be much higher or lower, depending on whether the Argentinean government imposes a large hotel tax. One year from now, Llao Llao S.A. will know whether the tax will be imposed. There is a 50% chance that the tax will be imposed, in which case the yearly cash flow will be only $2.2 million. At the same time, there is 50% chance that the tax will be not be imposed, in which case the yearly cash flow will be $3.8 million. The company is deciding whether to proceed with the hotel today or wait 1 year to find out whether the tax will be imposed. If Llao Llao S.A. waits a year, the initial investment will remain at $20 million. Assume that all cash flows are discounted at 13 %. Using decision tree analysis, should Llao Llao S.A. proceed with the project today or should it wait a year before deciding?

c) Use Black Scholes model to estimate the value of the option (assume: the variance of the project's rate of return is 6.87 percent and the risk free rate is 8%).