Adelco is developing a new product that requires successful development of two important components. Component A is expected to require an upfront investment of $15 million and take 3 years; Component A has a 15% chance of success. Component B will require a $25 million up-front investment, take 5 years, and has a 10% chance of success. If both efforts are successful, Adelco can generate perpetual free cash flow of $150 million each year by selling the product. All risk is idiosyncratic, and the risk-free rate is 6%. a. What is the NPV of launching the development of both the components simultaneously? ( 2 marks) b. What is the optimal order to stage the investments? (2 marks) c. What is the NPV with the optimal staging? ( 2 marks)