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You may attempt this question $3$ more times for credit.

Consider the Sport Hotel example that was introduced and solved in the lesson, the class notes, and in the text chapter on real options. Now consider this one change to that original problem: if the franchise is accepted the value of the hotel is not $$8$ million but instead $$8\mathrm{.}75.$ Everything else, all revenues and expenses, is the same as shown in the original example. Incorporating the real option, what probability of the franchise being granted would create a zero NPV for the investment?

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Place your answer in percentage form with at least $2$ decimal places. For example, and answer of fifteen point four three percent would be entered $15\mathrm{.}43.$

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