An all equity financed project has following information:

Project lasts for 5 years; Initial capital spending is $1,250 ; Every year project will bring in an after-tax cash flow of $380 ; The cost of all equity capital is 15% ; Firm's tax rate is 35% . What is the NPV of this all equity financed project?

Suppose firm finances the project with $500 of debt at 9% interest rate. What is annual interest tax shield ?

Continuing from part b, what is present value of all these years' interest tax shield from this project?