please do work in excel

13-1 GROWTH OPTION Singh Development Croisadeciding whether to proceed with Project x. hugely successful and would generate annual after-tax cash flows of $7 million per year be during Years 1, 2, and 3. However, there is a 50% chance that X would be less successful and would generate after-tax cash flows of only $1 million per year for the 3 years. If Project X is hugely successful, it would open the door to another investment, Project, which would require an after-tax outlay of $8 million at the end of Year 2. Project Y would then be sold to another company netting $16 million after taxes at the end of Year 3 Singh's WACC is 9%. a. If the company does not consider real options, what is Project X's expected NPV? b. What is X's expected NPV with the growth option? c. What is the value of the growth option