Your firm is considering a project with a discount rate of 10%. If you start the project today, your firm will incur an initial cost of $480 and will receive cash inflows of $300 per year for 3 years with the first cashflow occurring one year from today. If you instead wait one year to start the project, the initial cost will rise to $520 and the cash flows will increase to $350 a year for the following 3 years with the first cashflow occurring two years from today. Would your firm be better off starting the project now or waiting to start the project in one year? Explain clearly including an estimate of the value of the option to wait.