麻烦老师，帮忙看下这题

问题如下：

The NPV of a new project is expected to be –$0.20 million. An incremental investment of $0.40 million would give management the flexibility to switch to a lower cost input in the future. If this option has an estimated value of $0.80 million, the value of the project including the option is:

选项：

A.$0.20 million.

B.$0.40 million.

C.$1.00 million.

解释：

Correct Answer: A

A is correct because the NPV, including the real option, should be:

Project NPV = NPV (based on DCF alone) – Cost of options + Value of options.

Project NPV = –$0.2 million – $0.4 million + $0.8 million = $0.2 million.