Bauxite mining is becoming more prevalent because of the increasing demand in Asia. Assume that you have the rights to a bauxite mine and the most recent valuation of the mine was £8.5 million. Because of the increasing demand from Asia, the price of similar mines has grown by 20 percent per annum, with an annual standard deviation of 30 percent. A buyer has recently approached you and wants an option to buy the mine in the next 24 months for £9 million. The risk-free rate of interest is 10 percent per year, compounded continuously. How much should you charge for the option using a Black- Scholes model?