R is an all-equity financed company with 20 million shares outstanding. The share price is currently $16.00. R is considering an investment project that requires an immediate outlay of $30m. The project requires another outlay of $12m in exactly two years. Starting in year 3 the investment increases free cash flow (FCF) by $6m. In year 4 the increase in FCF created by the investment is 2% higher or $6.12, and each year after that the increase in FCF is 2% higher than the year before. Assume that the appropriate rate for discounting cash flows on this project is 9%. If R commits to undertaking this project, by what percentage will the equity value change? (In answering this assume that R does not pay taxes so that depreciation considerations are not important).