Arden Corporation is considering an investment in a new project with an unlevered cost of capital of 9.2 %. Arden's marginal corporate tax rate is 36 %, and its debt cost of capital is 4.7 %. a. Suppose Arden adjusts its debt continuously to maintain a constant debt-equity ratio of 0.5. What is the appropriate WACC for the new project? b. Suppose Arden adjusts its debt once per year to maintain a constant debt-equity ratio of 0.5. What is the appropriate WACC for the new project now? c. Suppose the project has free cash flows of $ 9.7 million per year, which are expected to decline by 2 % per year. What is the value of the project in parts (a) and (b) now?