Winters Corp. is considering a new product that would require an after-tax investment of $18 million now, at t = o. If the new product is well received, then the project would produce after-tax cash flows of $9.0 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 after-tax cash flows would be only $4.0 million per year. There is a 50% probability that the market will be good. The firm could delay the project for a year while it conducts a test to determine if demand is likely to be strong or weak. The project's after-tax cost and expected annual after-tax cash flows would be the same whether the project is delayed or not. The project's WACC is 11.0%. What is the value (in thousands) of this investment timing option to delay the project? Do not round intermediate calculations.