b. Evaluate the program as a portfolio of options (you should begin by ignoring, at first, the opportunity to invest $450 in year 6 and focus only on the first two rounds of investment). You may use the Black- Scholes-Merton model and a calculator or the pricing table in the Appendix. Assume that, though you are unsure of the standard deviation of returns on the assets under consideration, you are confident that s is at least 40% per year and no more than 60%. Based on this approach, what course of action do you recommend to the committee