A firm is analyzing a $3-$year oil development project, and the project can either start now or wait for a year to start. If the project starts now, the future oil demand $($high$,$ average, or low$)$ is uncertain, and the expected NPV is $-$$$1$ million. If the project waits for a year, the oil demand will become certain; and if the demand is low, the project will not start at all and the firm will avoid losing money. Such a delay option has a value of $+$$$3$ million. What is the final decision on the project?

Group of answer choices

Accept the project because its adjusted NPV is $$2$ million $(-1+3=2).$ Wait for a year to decide whether to start the project or not.

Reject the project now because its initial NPV $($without the delay option$)$ is $-$$$1$ million.

Reject the project now because the future is uncertain.

Start the project now. Do not wait for a year.