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Your company is considering a project with the following after-tax cash flows (in $millions) Outcome Probability (%) t = 0 t = 1 t =

Your company is considering a project with the following after-tax cash flows (in $millions)

Outcome

Probability (%)

t = 0

t = 1

t = 2

t = 3

Good

50

-14

10

7

10

So-so

50

-14

5

3

5

If the outcome is good, the project would open the door to another investment project which would required an outlay of $9 million at the end of Year 2. The new project would then be sold to another company netting $15 million after-tax at the end of Year 3. All cash flows are to be discounted at 12%. The project's expected NPV without the real option = $ ?????? million. The projects expected NPV with the growth option = $ ?????? million. The value of the growth option = $ million. Round your final answers to 2-decemial places.

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