I am considering a project with free cash flows in one year of $300,000 or $400,000 with equal probability. The cost of the project is $275,000. The projects cost of capital is 10% and the risk-free rate is 4%. What is the NPV of the project? If the project is financed by all equity, what is the initial market value of the unlevered equity? If the project is financed with 40% debt (at the risk-free rate), what is the expected return on the levered equity?