You can invest in a project either now or next year. If it is successful, you get a perpetual cash flow of $30M that starts the following year, and grows at rate of 2 percent If it is unsuccessful, you get a perpetual cash flow of S10M that starts the following year and grows at a rate of 2 percent. The project costs $160M and has a discount rate of 12 percent. Both states are equally likely If you wait a year, you will know whether the project will be successful (the chance of success is still 50 percent). What is the NPV today of the project if you decide to wait for a year? $625M $48 21 M O $40.18 M