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4. Investment timing options Companies often need to choose between making an investment now or wailing until the company can gather more refevant information goout the pobential project, This opportunity to wat before making the decision is called the investment timing option: Consider the case: Newtown Propane Co. is comsidering a three-year project that will require an initial irwestment of 544,000 . If market demand is strong. Newtown Propane Co. thinks that the project will generate cash flows of $29,500 per year. However, if market demand is weak, the company believes that the project will generate cash flows of only $2,000 per year. The company thinks that there is a sow chance that demand will be strong and a 50% chance that demand will be weak. If the company uses a project cost of capital of 12%, what will be the expected net present value (NPV) of this groject? (Note: bo not round intermediate calculations and round your answer to the nearest whole dollac] $4,93756,460$7,40556,171 Newtown Propane Co, has the option to delay starting this project for one year so that analysts can gather more information about whether demand will be strong or weak, If the company chooses to delay the project, it will have to glve up a year of cash flows, because the project will then be only a two-year project. However, the company will know for certain if the market demand will be strong or weak before deciding to invest in it. What will be the expected NPV if Newtown. Propane Co. delays starting the project? (Note: Do not round intermediate caiculations and round your answer to the nearest whole dollar.) $8,771$2,615$2,354$3,138 What is the value of Newtown Propane Co,'s option to delay the start of the project? (Note: Do not rounid intermediate caiculations and round your answer to the nearest whole dollar.) $8,771$2,354$2,615$3,138