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4- Consider a project of the Pearson Company. The timing and size of the incremental after-tax cash flows for an all-equity firm are $-1000, $275, $550, $525, $500 from year 0 to 4 respectively. The unlevered cost of equity is 32%. a. Calculate the NPV? Should this project be accepted? b. The firm finances the project with $21000 debt at 5% with $100 after-tax flotation costs. Principal is repaid at $2000 per year with added interest. Pearson's tax rate is 30%. The net present value of the project under leverage? Now, Should this project be accepted