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Question 3 Returns on the market and Company Y's stock during the last 3 years are shown below: Year 2002 2003 2004 Market -24% 10 22 Company Y - 22% 13 36 The risk-free rate is 5 percent, and the required return on the market is 11 percent. You are considering a low-risk project whose market beta is 0.5 less than the company's overall corporate beta. You finance only with equity, all of which comes from retained earnings. The project has a cost of $500 million, and it is expected to provide cash flows of $100 million per year at the end of Years 1 through 5 and then $50 million per year at the end of Years 6 through 10. What is the project's NPV (in millions of dollars)? [10 marks]