Need your help how to solve this step by step, please :)

A: suppose the price of copper in a good state is $1.20, and in a bad state $0.40, while everything else is the same: the forward price is $0.60. The explorations costs are $0.80.The amount is 75m pounds

• You would like to value the mine with the option to shut down.

1) The implied probability of the good state is:

2) The expected value of the mine is:

3) Is the option to wait more or less valuable with volatility of the copper price?