XYZ company has developed a new camera. Whenever the product is brought to the market, if the camera is successful, the present value of the payoff at that year is $25 million, and if the camera fails, the present value of the payoff at that year is $9 million. If the product goes directly to the market, there is a 50 percent chance of success. Alternatively, XYZ company can delay the launch by one year and spend $1.5 million to test market the camera. Test marketing would allow the firm to improve the product and increase the probability of success to 80 percent. The discount rate is 11%. a) What is the NPV if the product is brought to the market directly? b) What is the NPV if XYZ company delay the launch of the product and test the product? c) Which option will XYZ company choose after comparing this two options?