A project has the following forecasted cash flows: The estimated project beta is 1.5. The market return r m is 16%, and the risk-free rate r f is 7%. Estimate the opportunity cost of capital and the project's PV (using the same rate to discount each cash flow). What are the certainty-equivalent cash flows in each year? What is the ratio of the certainty-equivalent cash flow to the expected cash flow in each year? Explain why this ratio declines