A U.S. MNC is considering a Japanese opportunity. The size and timing of the after-tax cash flows are: Year 0 1 2 3 4 5 Cash Flow in Billions $100 V40 K30 20 V20 10 The inflation rate in Japan is p. = -1% (call it deflation), the inflation rate in dollars is p. = 3%, and the business risk of the investment would lead a U.S.-based firm to demand a return of K = i; = 10%. The current exchange rate is S($/) = $0.015/. a. What are the project NPV in dollar and NPV in yen, respectively? b. What are the project IRR in dollar and IRR in yen, respectively? c. What is the cost of capital in yen term for the US company? (Hint: use international fisher effect)