Fernwood Industries evaluates a mining project with a static NPV of -$2.3 million. The project includes an abandonment option: the mine and equipment can be sold for $15 million after year 2 if commodity prices fall. There is a 35% probability of a price decline that would make the project's continuation value only $8 million at year 2. The firm's required return is 12%. The value of the abandonment option is closest to: