Arden Corporation is considering an ir vestment in a new pro ect with an unlevered cost of capital of 9% rden's marginal corporate tax rate is 40%, and its debt cost o capital is 5 2% 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 $10 3 million per year, which are expected to decline by 1 8% per year What is the value of the project in parts a and