4 pts Question 22 Consider a project with the following data: The 5-year project requires equipment that costs $80,000. If undertaken, the shareholders will contribute $20,000 cash and borrow $60,000 with an Interest-only loan with a maturity of 5 years and annual interest payments. The equipment will be depreciated straight-line to zero over the 5-year life of the project. There will be a pre-tax salvage value of $3,200. There are no other start-up costs at year 0. During years 1 through 5, the firm will sell 20,000 units of product at $5; variable costs are $2: there are no fixed costs. rae-8%, reputy = 20%, tax rate t= 30% debt- to - equity ratio = 3, r, = 2% OCF-- 80,000 OCF -- 20,000 x (5 2) (1- 30%) + 16,000 x 30 % = 46,800 OCF, = 46,800 + 3,200 = 50,000 %3D When using the APV methodology, what is the NPV of the depreciation tax shield? $32.051.52 O $25,777.35 $19.165.01 $97,152.98