a company paid $200 million for the right to explore and extract rare metals from land owned by the state. to obtain the rights, the company agreed to restore the land to a suitable condition for other uses after its exploration and extraction activities. the company incurred exploration and development costs of $60 million on the project. the company has a credit-adjusted risk-free interest rate is 10%. it estimates the possible cash flows for restoring the land, three years after its extraction activities begin, as follows (pv of $1, pva of $1): cash outflow probability $ 11 million 50% $ 33 million 50%