Photo Booths have been the new rage at weddings and a few other events such as holiday parties. The EVENT Center is considering adding photo booths throughout the center that can be designed differently depending upon the event. The project will require an investment of $13 million. If the booths are well received, the project will produce cash flows of $8 million a year for 3 years, but if the clients do not respond as well as expected, the cash flows will only be $2 million per year for the 3 years. There is a 50% probability of both good and bad outcomes. The project can be delayed for a year while test are conducted to determine whether the demand will be strong or weak. The delay will not affect the dollar amounts for the project's investment or cash flows-only timing. Anticipated shifts in technology will mean that a 1 year delay will cause cash flows to only continue for 2 years after the initial investment is made. The WACC for this project is 8%. What is the NPV if the company does not consider real options? What is the project's NPV with the timing option? What is the value of the timing option? What is the projects IRR? Would you recommend going ahead with this project