$[$Ch $14]$ Dinesty Eateries Inc. owns and operates $86$ fast casual restaurants in the Midwest. It's considering opening an $87$th restaurant that is expected to generate free cash flows of $$480,000$ in perpetuity. The initial cost $($CAPEX ${?}_0+NW{C}_0)$ is $$1,340,000.$ It is currently at its target debt$-$equity ratio of $0\mathrm{.}50.$ Its marginal tax rate is $21\%.$ The company raises $70\%$ of equity from issuing new stock and $30\%$ from retained $($firm$-$wide$)$ earnings. Floatation costs of the new stock would be $10\mathrm{.}00\%$ of the amount raised. The required return on equity is $16\mathrm{.}00\%.$ To raise debt capital, Dinesty will issue $20-$year bonds, and the floatation costs of the new bonds would be $4\mathrm{.}00\%$ of the amount raised. If the company issues new bonds at a coupon rate of $8\mathrm{.}00\%,$ they will sell at par. What is the NPV of opening the $87$ th restaurant?

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