Please help. We aren't allowed to use financial calculator but excel ok. Thanks!

Phonograph Corp manufactures time series photographic equipment. It is currently at its target D/E ratio of 1. It's considering building a new $40 million facility. This new plant is expected to generate after-tax cash flows of $5.5 million in perpetuity. There are two financing options:

Option 1: A new issue of common stock in market with beta of 1, expected market return of 18%, and risk-free rate of 2%

Option 2: A new issue of 8% 20 year bonds that will sell at par

The company assigns the project a cost of WACC. Assume there is no change in the firm's capital structure after financing the project. Assuming a tax rate of 35%, what is the NPV of the new plant (this problem with some tweaks for including FCF represents a comprehensive problem in this course; It includes bond valuation, CAPM, WACC, and capital budgeting)?