please show the steps, need it without excel , i will give upvote, thanks in advance !

10. APV Triad Corporation has established a joint venture with Tobacco Road Construction, Inc., to build x a toll road in North Carolina. The initial investment in paving equipment is $125 million. The equipment will be fully depreciated using the straight-line method over its economic life of 5 years. Earnings before interest, taxes, and depreciation collected from the toll road are projected to be $18.4 million per annum for 20 years starting from the end of the first year. The corporate tax rate is 21 percent. The required rate of return for the project under all-equity financing is 13 percent. The pretax cost of debt for the joint partnership is 8.5 percent. To encourage investment in the country's infrastructure, the U.S. government will subsidize the project with a $40 million, 15-year loan at an interest rate of 5 percent per year. All principal will be repaid in one balloon payment at the end of Year 15. What is the adjusted present value of this project? 14. Beta and Leverage Fitzgerald Industries has a new project available that requires an initial investment of $4.6 million. The project will provide unlevered cash flows of $835,000 per year for the next 20 years. The company will finance the project with a debt-value ratio of .35. The company's bonds have a YTM of 6.8 percent. Page 570 The companies with operations comparable to this project have unlevered betas of 1.15, 1.08, 1.30, and 1.25. The risk-free rate is 3.8 percent and the market risk premium is 7 percent. The tax rate is 21 percent. What is the NPV of this project