Woo & Bong Company is considering the introduction of automated stores that can reduce labour costs.If the automated stores do not operate effectively in the first year, Woo & Bong Company can abandon the project.You have determined the following information relevant to the abandonment possibilityPresent value of business without option to abandon1$53Abandonment value$500Risk-free interest rate10%Asset price$553u= 1.23 and d = 0.82.What is the project value?(Round to the nearest hundredth.e.g., 0.16666 must be expressed as 0.17).