Consider a project of the Cornell Haul Moving Company, the timing and size of the incremental after-tax cash flows (for an all-equity firm) are shown below in millions:

0 1 2 3 4

-$990 +$125 +$225 +$375 +$500

The firm's tax rate is 34%; the firm's bonds trade with a yield to maturity of 8%; the current and target debt-equity ratio is 3; if the firm were financed entirely with equity, the required return would be 10%.

Using the APV method, what is the value of the debt side effects?

Group of answer choices

$239,072,652.70

$66,891,713.66

$59,459,301.03

$660,000,000

None of the above