W 2. Photochronograph Corporation {PC} manufactures time series photographic equipment. It is currently at its target debtequity ratio of 1.3. it's considering building a new $45 million manufacturing faciiity. This new plant is expected to generate afrertax cash flow of 5 5.? million in perpetuity. The fields required are to be financed by: I A new issue of corrunon stock. The required return on the company's equity is 1? percent. " A new issue of Eliyear bonds. If the company issues these new bonds at an armual coupon rate of El percent, they will sell at par. I Increased use of accounts payable financing. Because this nancing is part of the company's ongoing daily business, the company assigns it a cost that is the same as the overall firrn WAGE. Management has a target ratio of accounts payable to longterm debt of 11.2 [Assume there is no difference between the pretax and aftertaJr accounts payable cost.) What is the NPV of the new plant? Assume that PC has a 35 percent tax rate