Use the following information for the next 3 questions. Suppose there is a project which requires initial investment of $12 million. Assume that the subsequ perpetual cash flows are estimated with probability. There is 50% chance that perpetual annual cas flow will be $3 million, and another 50% chance that it will be $1 million. 59. Assuming the discount rate of 20%, what is the NPV of the project? 60. Suppose the firm can expand if the optimistic forecasts turn out to be correct. To be more specific, assume the firm can have ten of the same project in that case. What is the NPV of the project with the option to expand? 61. What is the present value of the option to expand