b) A project has an investment cost of CF50m and is expected to produce risky cash flows perpetually and which will, on average, be CF15m per annum but fluctuate with a volatility of 30% per annum. The stock market is expected to have a return of 15% per annum and is likely to experience volatility of 20% per annum. The correlation between the project's cash flows and the market's returns is 0.5. The central bank's treasury bond yield is 300 basis points. Evaluate the NPV of the project. (25 marks)