Consider the following project$\mathrm{.}6$The project can begin any time today or over the next six years.The time$-$dependent projected $8-$year annual annuity of cash flows once the project begins is listed in cells D$21$:D$27.$Hence, if the project starts today $($after $1$ year, after $2$ years, etc...$),$ the annual cash flow of the $8-$year annuity is $10(20,22,$ etc...$)\mathrm{.}8$Length of project's annuity of cash flows, in years, once it is started$9\%$WACC. the discount rate for the annuity of cash flows.Depending on the year of startup, the initial costs are shown in cells E$21$:E$27.$Hence, if the project starts today $($after $1$ year, after $2$ years, etc...$),$ the startup costs are $45(75,90,$ etc...$)\mathrm{.}10\%$Discount rate for costsShould the project be undertaken? Yes or No$?$If the project should be accepted, in which year should the project be started? If the project is started at the optimal time, what is this project's NPV in today's $($i$.$e$.,$ date $0)$ dollars?What is the value of the option to delay?DateTODAY$12346$AnnuityAnnual CFt$10\mathrm{.}0020\mathrm{.}0022\mathrm{.}0022\mathrm{.}4022\mathrm{.}4822\mathrm{.}5022\mathrm{.}50$Startup Costst$45\mathrm{.}0075\mathrm{.}0090\mathrm{.}0095\mathrm{.}00100\mathrm{.}00113\mathrm{.}00125\mathrm{.}00$