A firm is considering a project. Initial cost is $$60$ million, Cost of Capital is $10\%,$ risk free rate is $6\%,$ project life is $3$ years. If the demand is high, the project can generate $$40$ million cash inflows each year. If the demand is normal, the project can generate $$30$ million cash inflows each year. If the demand is low, the project can generate $$20$ million cash inflows each year. The probabilities of high demand, normal demand, and low demand are $20\%,60\%,$ and $20\%$ respectively. The firm's managers would like to wait one year to make a better investment decision, as they can get additional information regarding demand. The company's managers plan to use Black$-$Scholes Option Model to estimite the investment timing option value. What is the value of T in Black$-$Scholes Option Model?

$3$ years

$1$ year

$2$ years

$4$ years