Desert Adventures has a target debt$-$to$-$value ratio of $6.$ The pretax cost of debt is $8\mathrm{.}4$ percent, the tax rate is $21$ percent, and the unlevered cost of equity $13\mathrm{.}2$ percent. A project the firm is considering has a cash flow to the levered equityholders of $$48,700$ each year for the foreseeable future and an initial unborrowed cost of $$216,000.$ What is the NPV of the project?

Blank Workspace$($test$5$dec$)x$ xls

$$41,836$

$$48,208$

$$62,342$

$$61,003$

$$38,367$