Beacon Development is considering a proposal to purchase a warehouse for $250,000. The firm plans to borrow $175,000 on a 3-year bullet loan at 10% (interest paid at end of each year with the whole principal due at the maturity of loan). EBIT from the warehouse are expected to be $30,000 each year for 3 years with an after-tax resale value of $275,000 from the warehouse at the end of year 3. If the levered cost of equity is 12% and the tax rate is 20%, what is the FTE for the purchase