Hickock Mining is evaluating when to open a gold mine. The mine has 60,000 ounces of gold left that can be mined, and mining operations will produce 7,500 ounces per year. The required return on the gold mine is 12 percent, and it will cost $14 million to open the mine. When the mine is opened, the company will sign a contract that will guarantee an after-tax cash flow of $500 per ounce and a 40 percent probability that the after-tax cash flow will be $410 per ounce. What is the value of the option to wait? The answer is 169,382.21 but I need to know how to get to it. Thanks