Intro A project has expected cash flows with a present value of $72 million. The annual standard deviation of the project's returns is 35%. The company can delay the start of the project by 1 year to find out more about the demand for the product. If the company decides to go ahead with the project after 1 year, the company needs to invest $48 million. The risk-free rate is 5% (continuously compounded). Part 1 18 Attempt 2/3 for 9 pts. What is the value of the option to delay (in $ million)? + decimals Submit Intro A project has expected cash flows with a present value of $72 million. The annual standard deviation of the project's returns is 35%. The company can delay the start of the project by 1 year to find out more about the demand for the product. If the company decides to go ahead with the project after 1 year, the company needs to invest $48 million. The risk-free rate is 5% (continuously compounded). Part 1 18 Attempt 2/3 for 9 pts. What is the value of the option to delay (in $ million)? + decimals Submit