You are asking a person who was an investment Banker, NOT an executive of a company running a real business. But, based solely on these calculations, it wouldn't make much material difference to the company, since the net gain is relatively minor, about $53,000 over 5 years. On the hand, delaying the expansion for one year might bring some unexpected surprises, such as rising costs of the project, rising interest rates and other unforseen economic conditions.....etc. So, all in all, I would go ahead with the expansion NOW!, and not delay it for a year. That's my personal opinion and NOT based on any financial calculations, for they are relatively minor for the company. Hope this will satisfy your prof.!