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Sorry for offending you I am new at this still a student...I wasn't told how thick the metal is or anything else...the info I've written above is the only info I was given
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The information induces more questions than answers.
Depending on the thickness of the material, tolerance on the hole size, hardness of the material and exact finish specifications you could try the following:
Drill the hole undersized and ream. This provides a pretty good finish if all of the parameters of the machine are set correctly and you provide plenty of coolant.
Drill the hole undersized and bore using a boring head. A lot is dependent on how the boring bar is prepared.
Drill the hole undersized and use an end mill with circular interpolation on a cnc machining center.
Drill the hole undersized then take to a jig grinder and grind the hole. This will provide the best size control and finish if you are skilled enough to use one.
You might be surprised. A high speed punch will deliver an almost perfect hole with no finishing required. Also, (as the OP didn't specify) try drilling and reaming a square hole.
Punching has limits when it comes to type and thickness of metals (again not specified). It is best for multiple iteration machining in sheet and small thickness plate metal.
Thicker bar stock or plate would be better drilled and reamed, albeit time consuming.
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Specs on tolerance and finish need to give a proper answer on how to machine the hole.
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