You are considering a project that can be started this year or could be delayed a year. If the project starts immediately, it will have an initial cost of $9,600 and cash inflows of $7.000 a year for three years. If the start is delayed one year, the initial cost will rise to $10.400 and the cash flows will increase to $7.700 a year for three years What is the value of the option to wait if the discount rate of 12 percent? (Choose closest answer) $4.00 $21.60 $44.00 C $14.06