Consider a project lasting one year only. The initial outlay is $2,100 and the expected inflow is $2,500. The opportunity cost of capital is r = .21. The borrowing rate is r_D = .11, and the tax shield per dollar of interest is T_c = .30. (Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to 2 decimal places.)

a. What is the projects base-case NPV?

Base-case NPV $

b. What is its APV if the firm borrows 29% of the projects required investment?

Adjusted present value $