The Karns Oil Company is declding whether to drill for oil on a tract of land that the company owns. The company estimates the project would cost $; milion fortoy: Kams estimates that, once ditted, the of wilf generate positive net cash fiows of $4 million a year at the end of each of the next 4 years. Authough the company is fairfy confident about its cash flow forecast, in 2 years it will have more information about the local geology and about the price of oll. Karns estimates that if it waits 2 years then the project would cost $9 million. Moreover, if it waits 2 years, then there is a 90% chance that the net cash fows woukd be $4:2 mittion a Yeer for 4 years and a 10% chance that they would be $2.2 million a year for 4 years. Assume all cash flows are discounted at 10%. Use the Bisct-Scholet modet to entimste the value of the option. Aswume the variance of the project's rate of return is 0.512 and that the risk-frife rate is 7%. Do not round intermediate calculabons, Enter your answer in milions. For example, an answer of 51.234 million should be entered as 1.234 , not 1,234,000, Round your answer to three decimal places. 5 milion