2. Simpson's CFO is considering a new project, which will generate revenue of $478,000 for the indefinite future. The project requires an initial investment cost of $685,000, and cash costs account for 68 percent of the revenue. The tax rate is 21 percent, and the unlevered cost of equity is 14.2 percent. The firm is financing $200,000 of the project cost with debt. The CFO believes that the project's level of debt would remain almost constant throughout the life of the project. Choose the most appropriate valuation approach to compute the present value of the project