Your firm is considering a project which will cost $25 million after-tax today and is expected to generate after-tax cash flows of $10 million per year at the end of the next 4 years. If the company waits for 2 years, the project will cost $27 million after-tax and there is a 90% chance that the project will generate $12 million per year for four years and a 10% chance that the project will generate $6 million per year for 4 years. Assume all cash flows are discounted at 11%. Estimate the value of the timing option.