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Problem 14-4 Real Options: Decision-Tree Analysis Utah Enterprises is considering buying a vacant lot that sells for $1.2 million. If the property is purchased, the company's plan is to spend another $6 million today (t 0) to build a hotel on the property. The after-tax cash flows from the hotel will depend critically on whether the state imposes a tourism tax in this year's legislative session. If the tax is imposed, the hotel is expected to produce after-tax cash inflows of $660,000 at the end of each of the next 15 years, versus $1,380,000 if the tax is not imposed. The project has a 13% cost of capital. Assume at the outset that the company does not have the option to delay the project. Use decision-tree analysis to answer the following questions. a. What is the project's expected NPV if the tax is imposed? A negative value should be entered with a negative sign. Round your answer to the nearest cent. b. What is the project's expected NPV if the tax is not imposed? A negative value should be entered with a negative sign. Round your answer to the nearest cent. C. Given that there is a 50% chance that the tax will be imposed, what is the project's expected NPV if they proceed with it today? A negative value should be entered with a negative sign. Round your answer to the nearest cent. d. Although the company does not have an option to delay construction, it does have the option to abandon the project 1 year from now if the tax is imposed. If it abandons the project, it would sell the complete property 1 year from now at an expected price of $7.2lion. Once the project is abandoned, the company would no longer receive any cash inflows from it. If all cash flows are discounted at 13%, would the existence of this abandonment option affect the company's decision to proceed with the project today? Yes