Luther Industries is considering launching a new toy just in time for the Christmas season. They estimate that if Luther launches the new toy this year it will have an NPV of $25 million. Luther has the option to wait one year until the next Christmas season to launch the toy, however, the demand next year will depend upon what new toys Luther's competitors introduce and therefore greater uncertainty about next years demand. Launching the new today will involve a total capital expenditure of $100 million. If the risk-free rate is 5%, then what is the value of the option to wait until next year to launch the new toy?