3. Consider Table 2, which outlines the investment and operating cash flows for three projects. PV (ITS) is the present value of interest tax shields. Each project costs 400. Each project lasts four years Table 2 CF4 DebtEquityCost of Cost ofPV ProjectCFO CF1 CF2 CF3 debt unlevered | (ITS) capitalequity 400 400 400 200 200 200 150 150 150 100 100 100 100 100 100 200 200 400 200 200 10% 10% 10% 15% 15% 15% 5.46 5.46 Corporation tax rate is 10% for all projects (a) Consider Table 2. Calculate the net present value of project 1. Detail all calculations. (b) Consider Table 2. For project 2, calculate the required return on levered equity and the after-tax WACC. Detail all calculations (c) Consider Table 2. Calculate the value of project 2 using the WACC approach. Detail all calculations. How does the value of project 2 compare to the value of project 1? Discuss Consider Table 2. Calculate the value of project 3 using the adjusted present value (APV) approach. Detail all calculations. How does the value of project 3 compare to the value of project 2? Discuss (d)