You are considering a project that has been assigned a discount rate of 10 percent. If you start the project today, you will incur an initial cost of $400,000 and will receive cash inflows of $150,000 a year for five years. If you wait one year to start the project, the initial cost will rise to $500,000 (at t=1) and the cash flows will increase to $185,000 a year for five years (i.e., for years 2 to 6). What is the value of the option to wait?