the initial investment for each project is fixed at 2 million dollars.Company discount all projects based on WACC.Further, all the projects are equally risky projects and the company uses only debt and common equity for financing these projects.It can borrow unlimited amounts at an interest rate of rd 7.703% as long as it finances at its target capital structure , which calls 45% debt and 55% common equity. its last dividend (D0) was $2.0,its expected constant growth rate is 4% and its common stock sells for $20.the tax rate is 40%