Happy AS is formed to realize a 3-year project. The project is expected to give the following free cash flows over the next 3 years (figures are in millions of kroner): Time 1 2 3 Cash flow 200 250 180 An investment of NOK 500 million is required. The company will only be financed with equity and will have 4 million shares. The project's investment beta is estimated at 0.8, the market's risk premium is 5%, while the risk-free interest rate is 3%. Assume that Modigliani & Miller's propositions I and II without taxes apply. What is the present value of the project?