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If I have deferred cash flows such I have in the picture, would the discount factor start in year 0(this year) or in year 0
If I have deferred cash flows such I have in the picture, would the discount factor start in year 0(this year) or in year 0 of operations (2028). For context, I have to decide to undertake a project by the end of 2022, but operations don't start until 2028 (year 6). Where do I start the diacount factor? 
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Financial Management For Decision Makers
Authors: Peter Atrill
9th Edition
1292311436, 978-1292311432
