SkyVoyage is expected to generate free cash flows of $30 million per year. Suppose SkyVoyage has sufficient debt to reduce its taxes by $1.4 million per year permanently. In addition, it has a corporate tax rate of 35% and an unlevered cost of capital of 12%, and its cost of debt capital is 5%. Estimate the value of SkyVoyages equity using the following three methods: the Adjusted Present Value (APV) method, the Weighted Average Cost of Capital (WACC) method, and the Flow-to-Equity (FTE) method. Compare and contrast between these three methods for valuing levered investments: WACC, APV, and FTE. Evaluate the usefulness of these methods in capital budgeting decisions. Use the example above to support your answer.