Which of the following statements is the most correct regarding the real option to delay an investment decision? O (a) The option to delay an investment decision can be modeled as a call option that will be exercised if the present value of the expected cash flows from the project turns out to be greater than the fixed investment cost. O (b) It is always optimal for a company to invest in a project immediately as the company needs to incur substantial costs to obtain a license/patent which gives it exclusive rights to undertake the investment in the future without losing the optionality. O (c) It is always optimal for a company to invest in a positive NPV project now because delaying can provide the company with a chance to respond to new information such as market demand or new technology. O (d) More than one of the other statements are correct. (e) None of the other statements are correct