To calculate the net present value of a levered project, one can use the so$-$called "flow$-$to$-$equity approach". It requires calculating all the following EXCEPT:

Multiple Choice

the discounted value of the levered cash flows using the levered cost of equity as the discount rate.

the dollar amount of the initial investment that is not financed with a loan.

the present value of the future cash flows by discounting them at the cost of equity for the levered firm.

the project's unlevered net present value.

the levered cost of equity.