Your firm is considering a tree farm with a required return of 12%. If you start the tree farm today, your firm will incur an initial cost of $490 and will receive cash inflows of $365/year for 3 years. If you instead wait one year to start the farm, the initial cost will rise to $520 and the cash flows will increase to $420 a year for the following 3 years. If you wait for two years to start, the initial outlay will be $560 and the cash flows will be $450/yr. at t = 3, 4, and 5. The property is essentially forecasted to be worthless after 3 years of trees have been grown and harvested. Your firm has three options: start the tree farm now, start it one year from now, or start it two years from now. Calculate a fair price (a fair valuation) for this project and briefly explain how you arrive at the price. (in excel)