The Johnson Oil Company is deciding whether to drill for oil on a tract of land the company owns. The company estimates the project would cost $$10$ million today. Johnson estimates that, once drilled, the oil will generate positive cash flows of $$4\mathrm{.}6$ million a year at the end of each of the next $4$ years.

Although the company is fairly confident about its cash flow forecast, in $2$ years it will have more information about the local geology and about the price of oil. Johnson estimates if it waits $2$ years then the project would cost $$10.$S million. Moreover, if it waits $2$ years, then there is an $80\%$ chance that the net cash flows would be $$5$ million a year for $4$ years and a $20\%$ chance that they would be $$3$ million a year for $4$ years. Assume all cash flows are discounted at $10\%.$

a$.$ If the company chooses to drill today, what is the project's net present value?

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