Question $1$: $(10$ points$)$

A firm expects to generate net income of $$60$ million, $$55$ million, $$57$ million, and $$60$ million at the end of each of the next four years. Then this new project will be abandoned at no residual value at the end of the fourth year. Also, assume that the firm's only financing alternative to support this investment project is to use both $40\%$ of debt and $60\%$ of equity. If the cost of debt is $8\%$ and the risk$-$free rate and market returns are $4\%$ and $12\%,$ respectively, what will be the value of this new project based on the discounted cash flow method? Assume that the firm's beta is $1\mathrm{.}5$ and its corporate tax is $30\%.$