Please provide a clear solution and explanation (without using excel)

Your firm is considering buying a license for oil exploration in Alaska. Immediately after paying for the license you will invest $50M in a drilling tower. There is a 10% chance that there will be 10M barrels of oil in the ground and a 90% chance that there will be nothing. The license specifies that you must sell all the oil you find to the government one year from now for $95 per barrel. The risk-free rate is 5%, the market risk premium is 6%, and the beta of oil is 0.5. What is the maximum amount you are willing to pay for the license