What is the equity value at year 0?

Consider the following twoyear property investment by a tax conduit entity. The discount rates are 10% for property cash ows and 4% for debt service. What is the equity value at year 0? Year OYear 1 ear 2 Debt Service 2.00 2.00 + 50.00 Equity BeforeTax Cash Flow 3.00 3.50 + 65.50