please show work :)

1. I am considering a project with free cash flows in one year of $300,000 or $400,000 with equal probability. The cost of the project is $275,000. The project's cost of capital is 10% and the risk-frce rate is 4%. What is the NPV of the project? If the project is financed by all equity, what is the initial market value of the unlevered equity? If the project is financed with 40% debt (at the risk-free rate), what is the expected return on the levered equity? cted return on the levered equity? 2. Vinny's Vineyard (VV) has a current market value of $100 million and a D/E ratio of 0.2. V believes they can increase value by increasing leverage and they intend to double their current debt and use the proceeds to repurchase stock. If VV's tax rate is 28%, then what is the value of the debt tax shield this plan will create? 3. Cliff Corp (CC) is a relatively risky firm that will have assets worth next year either $100 million, $120 million or $330 million with equal probability. Given the risk, the required rate of return on firm assets is 18%. CC also has two outstanding bonds: senior bonds with a face value $95 million cost of debt of 4% and junior debt with a face value of $30 million and a cost of debt of 12%. If CC defaults on either bond there will be an additional loss of asset value of $10 million in bankruptcy costs. What is the current value of the senior debt, junior deb and equity? What is the expected return on the levered equity? What are the promised returns (YTM) on the senior and junior debt? the levered equity? What are the promised retums (YTM) on the senior and junior debt? 4. Stephens Supply, Inc. (SSI) has a market value of equity of $70 million and an equity beta of 1.6. SSI has cash of $9 million and debt of $21 million. Assume the risk-free rate is 3% and the market risk premium is 8%. What is SSI's enterprise value? What is SSI's asset beta? What is SSI's WACC