New Utility Co is considering a $23million expansion in its wind farm operations.The project is expected to produce unlevered after-tax cash flows of $1.8 million per year in perpetuity The company intends to maintain its current 0.5 target debt-to-value ratio.New Utility Co's cost of debt is 6.7% per annum and its cost of equity is 11%per annum.The new project has the same risk as the existing business and will support the same degree of leverage.New Utility Co has a tax rate of 30%. a)Calculate the NPV of the project to New Utility Co.(3 marks) b)Suppose instead that a competitor,Windfarm Inc.,bids for the same project and proposes to finance the project with $12.5 million of perpetual debt at an interest rate of 6.7%per annum,and the rest with equity. The project offers the same business risk as the existing operations and has unlevered cash flows of $1.8million per year to Windfarm Inc.The company has the same tax rate of 30%.Calculate the NPV of the project to Windfarm Inc.(3 marks) c)Is the decision to accept or reject the project the same in 'a'and 'b'above?Yes/No Explain why or why not.(2 marks)