Consider a project which is expected to generate the following stream of unlevered free cash flow over the next three years ...

1,004 FC'FE'll 901 1,688 The project is nanced in accordance with the following target debt schedule ... End of year 0 I 2 3 Dr 1,000 300 1,500 0 The unlevered cost of equity is 15% per year, the cost of debt is 10% per year and the corporate tax rate is 40%. All dollar amounts are in $ millions. What is the enterprise value of the project today '1