Powerade will invest $50 million in a project that will be funded completely by debt initially. Subsequent to year 0, the companys debt outstanding and free cash flows are given bellow:

Year	0	1	2	3
Free cash flows	-50	40	20	25
Debt	50	30	15	0

Cost of debt for the firm is 8%, the tax rate is 40%. The levered cost of equity for the project is 20.55%. Use the FTE method to calculate the projects equity value