The Spanish government has offered the United States government of 400 at a rate of 4% per annum to be repaid in increments. The company's normal borrowing rate in dollars (i$) is 8.5% and 9.5% in Euros (i). The project will also generate an annual depreciation charge of 115 for the three years the project will run. The corporate income tax rate in the U.S is 40%. The corporate income tax rate in Spain is 20%. What is the APV?