The net operating after-tax cash flows of a risky investment in the rubber industry are +15, +15, +15 and +130 million during years 1 through 4, respectively. The initial investment of the project is 120 million The planned target debt/assets ratio for financing the project is 0.4. The management is unsure about the market risk of such a project, but has estimated the levered equity beta to 1.2 for a peer-group operation in the rubber industry. The average debt/asset ratio for the peer-group is 0.25. The risk-free rate is 4% and the expected return on the market portfolio 10%. The corporate tax rate is 20% The company lacks sufficient internal cash to start the project, but a stock issue can be arranged at a one-time cost of 7% of the gross proceeds. Furthermore, the company has found out that the project qualifies for a government subsidized financing to a 3% coupon rate and without any issue cost. The company may also borrow funds for the project at the normal company cost of debt of 6% with an issue fee of 2% of the proceeds. All debt considered is of bullet type with a four year maturity Calculate the APV for the project. Should the company make the investment