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:

The firm's tax rate is 34 percent; the firm's bonds trade with a yield to maturity of 8 percent; the current and target debt-equity ratio is 3; if the firm were financed entirely with equity, the required return would be 10 percent. Part 1. What is the levered after-tax incremental cash flow for year 4?

Multiple Choice

A. $281,704,000

B. $465,152,000

C. $194,848,000

D. $460,796,000

Part 2. What is the levered after-tax incremental cash flow for year 2?

Multiple Choice

A. $185,796,000

B. $215,152,000

C. $267,952,000

D. $284,848,000