You are considering a project that has been assigned a discount rate of 12 percent. If you start the project today, you will incur an initial cost of $75,000 and will receive cash inflows of $40,000 a year for three years. If you wait one year to start the project, the initial cost will rise to $80,000 and the cash flows will increase to $48,000 a year for three years. What is the value of the option to wait?

		$11,560.30
		$10,433.80
		$9,786.42
		$8,852.71
		$8,216.70