9. The Excel Corp. has $1 million in corporate debt outstanding with a after-tax cost of 5%, and a maturity of two years. The only way it can finance a $500,000 investment is to refinance with $1.5 million of debt with a similar maturity, costing 8% after-tax. The investment would pay $55,000 in year 1 and $550,000 in year 2 (the investment has an IRR of .11). Assume that the current cost of equity is 12%, and that after refinancing, the firm will be 50% leveraged. Debt costs and cash flows are on an after-tax basis. Should the investment be accepted?