An analyst is evaluating a planned 3-year corporate project. The projects cash flows in one of three possible scenarios (beginning in Year 0) are as follows: -50, 5, 5, 5 The after-tax value of salvage is 20. If the project includes a 1-year option to delay, which of the following represents the projects cash flows after the option to delay is created but NOT EXERCISED? (Hint: Using the Black-Scholes model requires doing something to the upfront cost, but that is separate/different from the "created but not exercised" cash flow perspective)

a. -50, 5, 5, 25

b. 0, -50, 5, 5, 25

c. 0, 0, 5, 5, 25

d. 0, 0, 0, 0, 0