Suppose$$ Alcatel$-$Lucent has an equity cost of capital of $9\mathrm{.}3\%,$ market capitalization of $ $10\mathrm{.}35$billion$,$ and an enterprise value of $ $15$ billion. Assume that$$ Alcatel$-$Lucent's debt cost of capital is $5\mathrm{.}8\%,$ its marginal tax rate is $32\%,$ the WACC is $7\mathrm{.}6396\%,$ and it maintains a constant$$ debt$-$equity ratio. The firm has a project with average risk. The expected free cash$$ flow, levered$$ value, and debt capacity are as$$ follows: $($image$)....$Thus$,$ the NPV of the project calculated using the WACC method is $ $182\mathrm{.}96$ million minus $ $100$ million equals $ $82\mathrm{.}96$ million.

a$.$ What is$$ Alcatel$-$Lucent's unlevered cost of$$ capital?

b$.$ What is the unlevered value of the$$ project?

c$.$ What are the interest tax shields from the$$ project? What is their present$$ value?

d$.$ Show that the APV of$$ Alcatel$-$Lucent's project matches the value computed using the WACC method.