$1.**$Value of waiting$**$

The project should either be started immediately or one year from now. NPV is $25,$ and the initial expenditure for the project is $100.$ Risk$-$free rate: $5\%.$ If the project is delayed by one year, there will be a relative loss of $40$ in cash flow compared to starting it now, considering present value. However, the option values of waiting are inquired with given N$($d$1)=0\mathrm{.}6$~ and N$($d$2)=0\mathrm{.}3$~$.$

What is the option value of waiting?

Special Note:

$1)$ For the convenience of calculations, the values of N$($d$1)$ and N$($d$2)$ were provided in this problem.

$2)$ To facilitate calculations, the present value of the loss amount when the project is delayed $($i$.$e$.,$ PV$($div$))$ was given. Cf$)$ Sx $=$ S $$ PV$($div$).$

$3)$ The question is not whether to wait or not for the project but rather inquires about the value of waiting.