. 3. The Sears business is all equity funded. It is studying the opportunity to invest in a project with the following characteristics: Initial investment: 900,000 Project lifespan: 3 years Straight-line amortization of the project: 3 years Profit before tax and before depreciation generated by the project: 360,000 Cost of capital if the company is all equity is 20% In addition, the company can obtain from its bank a loan of 12% for the amount of the project investment, repayable at the term of three years (in Balloon). The annual bank commissions billed by the bank are 3,000. The corporate tax rate is 30%. Work to do: 1- Calculate the cash flow without debts of the project . 2- Calculate the Adjusted Net Present Value of the project and determine whether the company should undertake this project or not.*