Your fee is considering a project which will cost $22 million after-tax today and is expected to generate after tax cash flows of $9 million per year at the end of the next 4 years. If the company waits for 2 years, the project will cost 524 million after tax and there is a gox chance that the project will generate $11 million per year for four years and a 10% chance that the project will venerate $8 million per year for 4 years. Assume all cash flows are discounted at 10%. Estimate the value of the timing option: 51 11.36