Your firm is considering a project which will cost $22 million after-tax today and is expected to generate after-tax cash flows of $9 million per year at the end of the next 4 years. If the company waits for 2 years, the project will cost $24 million after-tax and there is a 90% chance that the project will generate $11 million per year for four years and a 10% chance that the project will generate $8 million per year for 4 years. Assume all cash flows are discounted at 10%. Estimate the value of the timing option. $1.36 million $1.88 million $1.67 million $1.12 million $1.74 million