Two multinational corporations, Whitman Construction Inc. and Maxwell Development Co., are considering a strategic alliance to cooperate in the renovation of the Aswan High Dam. Just north of the border between Egypt and Sudan, this huge rockfill dam captures the worlds longest river, the Nile River, in the worlds third largest reservoir, Lake Nasser. Data for the renovation project is given in the table below (values in $millions):

Investment	3,000.00
EBIT (perpetuity)	320.00
Tax rate (Tc)	20.0%
Cost of capital if no debt (rA)	8.0%
Debt capacity (L = D/V)	75.0%
Cost of debt (rD)	5.0%

Questions

What is the base-case NPV?

Suppose that debt is fixed. What is the amount of debt used in the financing?

What is the NPV of the project using an Adjusted Present Value (APV) approach?

What is the NPV of the project using a Weighted Average Cost of Capital (WACC) approach?

What is the NPV of the project using a Capital Cash Flow (CCF) approach?

What is the NPV of the project using a Flow-to-Equity (FTE) approach?