Merc is evaluating the delay of a project with after$-$tax cash flows of $$35$ million. It would cost $$150$ million to setup $($the life of the project is $30$ years, and the cost of capital is $13\%).$ A simulation of the cash flows leads you to conclude that the standard deviation in the present value of cash inflows is $18\%.$ If you can acquire the rights to the project for the next $15$ years, what is the value of the rights as an option? $($The six$-$month T$-$bill rate is $8\%,$ the $10-$year bond rate is $12\%,$ and the $20-$year bond rate is $14\%.)$