As the Executive Director of Habitat for Finance Professors, a spurious nonprofit, you must decide between the timing of three (3) options to decide on a potential expansion

As the Executive Director of Habitat for Finance Professors, a spurious nonprofit, you must decide between the timing of three (3) options to decide on a potential expansion. First, you can elect to hire a bond underwriter at an expense of $200,000 (now) and fund a new building in Year 1 at a cost of $33,300,000. The second option is to wait for more favorable conditions, funding the building in Year 6 at a cost of $43,500,000. The third option is to construct four $22,000,000 partial expansions in Year 10, Year 20, Year 30, and Year 40. If your discount rate is 7%, which example is the most affordable? To find the answer, estimate 45 years of NPV calculations.