You are considering a project which has been assigned a discount rate of 5 percent. If you start the project today, you will incur an initial cost of $3,100 and will receive cash inflows of $1,900 a year for 2 years. If you wait one year to start the project, the initial cost will rise to $3,320 and the cash flows will increase to $2,257 a year for 2 years. What is the value of the option to wait? (Do not round intermediate calculations.)

$443.81 $1,711.63 $402.06 $464.42 $605.85