12. ABC Ltd is an all-equity financed company. The firm is thinking of investing in a project that will involve an initial outlay of 20 crore. It is expected that the project will generate FCFs (net of taxes) of 3 crore each year over a period of five years. The project has business risk similar to the firm. The firm's unlevered cost of capital is 16 per cent. ABC Ltd is contemplating to borrow a five-year 10 per cent loan of *20 crore from a financial institution to finance the project. The principal is repayable in four equal instalments starting from the end of year two. The firm will have to incur flotation cost of 20 lakh to raise debt from the financial institution. The corporate tax rate is 34 per cent. Calculate the project's APV