FIGURE 22.2 timing option example
{"Image DocumentName": "FIGURE 22.2 timing option example", "Image ImageDescription": "Possible cash flow and end-of-period values for malted herring project shown in black. Project costs  180 million. Red figures in parentheses show payoffs from option to wait and invest later in project, now positive-NPV at year 1. Waiting means loss of first year cash flow; figuring out current value of option is difficult. This slide explains the timing options displayed in the graph on the next slide.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}