Investment Timing Option: Decision-Tree Analysis will prodice positive cash flows of $3 multion a year at the end of each of the next 20 vears. The project's cost of capital is 12%. a. What is the project's net present value? Do not round intermediate calculations. Enter vour answer in mullions, for example, an answer of si:25 indilion should be enteied as 1:23, nok 1,230,000. Round your answer to two decirnal places. 5 milition govornment imposes a large hotel tax. One year from now, Kim will know whether the tax will be imposed, There is a 50 ow ctance that the tax will be imposed, in which project today or wait a year befare deciding