You can invest in a project either now or next year. If it is successful, you get a perpetual cash flow of $$30$M that starts the following year, and grows at a rate of $2$ percent. If it is unsuccessful, you get a perpetual cash flow of $$10$M that starts the following year and grows at a rate of $2$ percent. The project costs $$160$M 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 value of the option to wait?