Depending on how high level/what class this is, poor kids may not HAVE dress clothes to wear at that age, so... it's really unfair to expect someone to have to go out and drop at least $40 if not more to get random dress clothes for a project. Of course if you go to a 2nd hand store you could probably get it for $15-20. If the prof is a real dick about it you may just do it and report it to the department head/dean. If it's a higher level business class then you're probably boned, equally so if it's a prickish university.
Or alternately, if you have the money, get a womens' suit. Believe me, womens' suits are friggin' awesome. Slacks that fit and shape your body, and blazers that flare and give you hips. If your group wears bulky mens' suits you'll really stand out, so do be mindful of that.
If you are expected to do button down shirt + tie, you're going to have to tuck it in unlike womens' shirts - so be careful, a lot of womens' dress shirts are NOT designed to be tucked. You'll want to go with full sleeve (not 3/4) button down that is long enough to tuck into pants.
Last presentation I had to give for school, I wore my suit, but then I wear it to work, school, out and about regularly. My only light jacket is my blazer

I've only worn a real tie once (and I learned how to tie it), but I dug it. They're hot on chicks and honestly can be hot on guys if done right, too. Just, most don't.
The only real problem with the whole 'dressing nice' as a guy is that the shirts are big and puffy and dumb and the pants are big and baggy and have no shape. Womens' suiting clothing alleviates that. And the blazer also covers any stupid shirt poofing you get in the back.