Estefan Industries has a new project available that requires an initial investment of $4.9 million. The project will provide unlevered cash flows of $925,000 per year for the next 20 years. The company will finance the project with a debt-value ratio of .35. The companys bonds have a YTM of 5.9 percent. The companies with operations comparable to this project have unlevered betas of 1.09, 1.17, 1.28, and 1.20. The risk-free rate is 3.6 percent and the market risk premium is 7 percent. The tax rate is 21 percent.