Claro Corp. is considering a new project with perpetual annual revenue of $500,000. Cash costs are 71 percent of the revenue. The initial cost of the investment is $990,000. The tax rate is 21 percent and the unlevered cost of equity is 12 percent. The firm is financing $300,000 of the project cost with perpetual debt. What is the adjusted present value of the project? $23,240 $20,242 $19,311 $27,583 $22,594