Please value the following investment from the companys perspective using a spreadsheet.

Assume the valuation date is 31st December 2022. Use annual periods.

Asset and Operational information

$100M asset

Construction period 1 year, ending 31st December 2023,

Assume full Payment due at end of construction

Operational lifetime 20 years,

Revenue is fixed at $19 Million/yr

Operational Expenses: $3M in 1st year after commissioning, $5.5M year 2+

Maintenance Expenses: $0M in 1st year after commissioning, $2M year 2+

50% debt funded

Straight-line depreciation

No working capital

No Terminal value

Company and Market Information

Debt to Equity Ratio is 65/35

Risk-free rate is 2.60%

Equity beta is 1.25

Market risk premium is 4.80%

Debt risk premium is 2.50%

Corporate tax rate is 30%

In preparing your valuation, please use any resources at your disposal, and provide details of the resources utilised when submitting your answer.