Powerade will invest $50 million in a project that will be funded completely by debt initially. Subsequent to year 0 , the company's debt outstanding and free cash flows are given below: 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 project's equity value. $72.14 $22.14 $39.09 $9.09