Kodak is developing a vaccine which will become obsolete after 2 years. This is a completely new project to Kodak. The project maintains a target debt-to-value ratio of 0.5, and Kodak has obtained debt financing for this project at an interest rate of 5%. The project will have the following expected free cash flows: Year 2021 2022 2023 FCF -150 100 100 Moderna, a vaccine maker in Boston, has similar business risk to Kodaks new project. Moderna has an equity beta of 1 and a debt-to-value ratio of 0.5. Moderna's debt cost of capital is 1%. Assume corporate tax rate is 20%, the risk-free rate is 0%, and the expected market return is 10%. a. What is the project's equity cost of capital? b. What is the project's WACC? c. What is the NPV of the project using WACC method? d. What are the project's debt capacities in year 2021, 2022 and 2023? What is the project's unlevered value V? Kodak is developing a vaccine which will become obsolete after 2 years. This is a completely new project to Kodak. The project maintains a target debt-to-value ratio of 0.5, and Kodak has obtained debt financing for this project at an interest rate of 5%. The project will have the following expected free cash flows: Year 2021 2022 2023 FCF -150 100 100 Moderna, a vaccine maker in Boston, has similar business risk to Kodaks new project. Moderna has an equity beta of 1 and a debt-to-value ratio of 0.5. Moderna's debt cost of capital is 1%. Assume corporate tax rate is 20%, the risk-free rate is 0%, and the expected market return is 10%. a. What is the project's equity cost of capital? b. What is the project's WACC? c. What is the NPV of the project using WACC method? d. What are the project's debt capacities in year 2021, 2022 and 2023? What is the project's unlevered value V