Initial Outlay = 100 crore Life of project = 2 years EBIT = 15 crore p.a. Debt to Value ratio = 75% Value is computed as present value of cash flows Depreciation is computed at SLM method for taxation Before tax cost of debt = 12% Cost of Equity = 15% Tax rate = 35% Compute Standard NPV, NPV (AL), NPV (ER) and APV ILLEMS