Your firm has right to explore Platinum for 25 years. The cost of getting the operation going is $300 million. The output is expected to be 60000 ounces per year. The current price of Platinum is $973 per ounce. You assume that Platinum prices will go up 0.9% every year. The production cost is $450 per ounce and is expected to increase by 2.25% every year. You are considering whether to start the operations now at t=0 or next year at t=1. Download last 5 years historical price data on PPLT, a physical Platinum ETF, and on SPY to be used as a proxy for the market portfolio. You will be computing weekly returns based on the day of the week that gives you the largest data set. Compute the Annualized Standard Deviation of continuously compounded percentage changes for PPLT, and beta of PPLT relative to SPY. Assume that (EM Rf) to be used for CAPM is 6%. Work out the value of a one-year European Call Option and indicate whether it is optimal to start the operations at t=0 or at t=1.