Suppose that a firm is considering an investment opportunity. If the economy condition is boom, the investment will be worth $2,000 today. If the economy condition is normal, the investment will be worth $500 today. If the economy condition is in recess, the investment will be worth $-800 today. The probably distribution is as follows: Scenario Boom Normal Recess Probability 0.4 0.3 use 1 minus the above probability Assume that the firm has an option to wait to decide the investment until they know the status of the economy, how much is the wait option worth? Hint: calculate the project NPV under the wait option. Then use the new NPV minus the project NPV without the existence of the wait option.