The Engler Oil Company is deciding whether to drill for oil on a tract of land that the company owns. The company estimates that the project will have an after-tax cost of $7 million today. Engler estimates that once drilled, the oil will generate positive after-tax cash flows of $4.1 million a year at the end of each of the next 4 years. Although the company is fairly confident about its cash flow forecast, it recognizes that if it waits 2 years, it will have more information about the local geology as well as the price of oil. Engler estimates that if it waits 2 years, the project will have an after-tax cost of $10 million, and after-tax cash flows will continue for 4 years after the initial investment is made. Moreover, if it waits 2 years, there is a 85% chance that the after-tax cash flows will be $4.4 million a year for 4 years, and there is a 15% chance that the after-tax cash flows will be $2.4 million a year for 4 years. Assume that all cash flows are discounted at 10%. a. If the company chooses to drill today, what is the project's expected NPV? Enter your answer in millions. For example, an answer of $1.2345 million should be entered as 1.2345, not 1,234,500. Do not round intermediate calculations. Round your answer to four decimal places. million $ b. Would it make sense to wait 2 years before deciding whether to drill? Enter your answer in millions. For example, an answer of $1.2345 million should be entered as 1.2345, not 1,234,500. Do not round intermediate calculations. Round your answer to four decimal places. NPV of waiting: $ million -Select- because the NPV of waiting two years is -Select- than going ahead and proceeding with the project today. c. What is the value of the investment timing option? Enter your answer in millions. For example, an answer of $1.2345 million should be entered as 1.2345, not 1,234,500. If an amount is zero, enter 0. Do not round intermediate calculations. Round your answer to four decimal places. $ million