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Maxim Technologies is considering a $ 2 0 million investment in a new plant to produce digital thermometers. Maxim expects the present value of the

Maxim Technologies is considering a $20 million investment in a new plant to produce digital thermometers. Maxim expects the present value of the project's future cash flows to be $10 million in five years' time, if it is unsuccessful. However, if the project is successful, Maxim expects the present value of its future cash flows to be $40 million in five years' time. In that case, Maxim will be able to increase the present value of the project by $25 million, by investing an additional $10 million in the expansion of the plant. What is the value of the option to expand the plant, given that the risk-free interest rate is 5% p.a.?(Enter your answer as a number rounded to two decimal places, in units of a million dollars. So, if the value of the option is $23.45 million, you should enter 23.45 as your answer.)

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