You are considering a project which has been assigned a discount rate of 8 percent. If you start the project today, you will incur an initial cost of $4,400 and will receive cash inflows of $3,200 a year for 2 years. If you wait one year to start the project, the initial cost will rise to $4,620 and the cash flows will increase to $3,557 a year for 2 years. What is the value of the option to wait?