An existing high$-$profits company is considering a new expansion project. The required initial investment will be $400$

million in Y$0.$ Two other investments $(100$ million euro each$)$ have been planned in the $3$th and the $5$th year of

management. All investments will be amortized over $5$ years of management. At the end of the $5$th year of management

$1/2$ of the investment will be sold at a price of $150$ million. Half of the investment in zero will be financed by equity and

the other half by two loans of the same amount: one with an interest rate of $4\%$ and reimbursed in the $5$ years of

management, the other with an interest rate of $5\%$ and constant forever. The investment will generate an EBITDA of

$120$ million annually for the next $5$ years of management. Moreover, because to the new investment, the EBITDA of the

company will decrease from $450$ to $430$ million. In the $6$th year of management the FCFO will be $70$ million, declining to

infinite $10\%$ every year. Tax rate is $30\%.$ With a cost of capital of $10\%,$ estimate FCFOs, FCFEs, the present value of the

tax shields, APV and ADSCR.