a) Raptors Tech has $800,000 of debt on its balance sheet and pays corporate taxes at the 40% rate. The CEO of Raptors Tech faces an investment opportunity that requires an initial investment of $60,000 in new machinery and is expected to generate annual cash flows (before tax) of $32,000 for two years, starting in the first year. At the end of the second year, Raptors will be able to recover a salvage value of $10,000 by selling the projects machinery. The unlevered cost of capital is 10%. What is the value of the project if Raptors Tech decides to issue $30,000 in bonds at an interest rate of 8% to finance the project?