• You are considering a project that has a discount rate of 8%. If you start the project today, you will incur an initial cost of $480 and will receive cash inflows of $350 each year for three years. If you wait one year to start the project, the initial cost will rise to $520 and the cash flow will increase to $385 per year for three years. What is the NPV of the project if you start today? What is the NPV of the project at time zero if you start next year? What is the value of the option to wait? (10 points)