Damon Corp. is considering a new product that would require an investment of $18 million at t = 0. If the new product is well received, then the project would produce after-tax cash flows of $12 million at the end of each of the next 3 years (t = 1, 2, 3), but if the market did not like the product, then the cash flows would be only $6 million per year. There is a 50% probability that the market will be good. Damon could delay the project for a year while it could conduct a test to determine if demand would be strong or weak. The project's cost and expected annual cash flows (expected at t = 0) are the same whether the project is delayed or not. The project's WACC is 8.4%. What is the value of the project after considering the investment timing option