3. Wyatt Oil is considering an investment in a new project (goes on permanently) with an unlevered cost of capital of 11%. Wyatt's corporate tax rate is 35% and its debt cost of capital is 6%. The project has free cash flows of $25 million per year which are expected to decline by 3% per year. (a) What is the WACC for this new project, if Wyatt adjusts its debt continuously to maintain a constant debt-equity ratio of 50%? (b) What is the value of this new project, if Wyatt adjusts its debt continuously to maintain a constant debt-equity ratio of 50%? (c) What is the WACC for this new project, if Wyatt adjusts its debt once per year to maintain a constant debt-equity ratio of 50%? (d) What is the value of this new project, if Wyatt adjusts its debt once per year to maintain a constant debt-equity ratio of 50%