Newmont Goldcorp is evaluating when to open a gold mine. The remaining life of the mine is 8 years and the mining operations will produce 5800 ounces per year. The required return on the gold mine is 12 percent, and it will cost $33.8 million to open the mine. When the mine is opened, the company will sign a contract that will guarantee the price of gold for the remaining life of the mine. IF the mine is opened today, each ounce of gold will generate an after-tax cash flow of $1,380 per ounce. If the company waits one year, there is a 60% probability that the contract price will generate an after-tax cash flow of $1580 per ounce and a 40 percent probability that the aftertax cash flow will be $1280 per ounce, What is the value of the option to wait?