What is the formula used to get the WACC?

Question - What is the Net Present Value?

Board of Directors target debt to capital ratio is 18%., Beta - 1.203. tax rate 40%

		Flash Memory, Inc.
	2007	2008	2009
Sales ($ millions)	77	81	89
EPS ($)	1.52	0.09	1.68
Dividend per share ($)	--	--	--
Closing stock price ($)	n/a	n/a	n/a
Shares outstanding (millions)	1.492	1.492	1.492
Book Value per share ($)	11.43	11.52	13.20
ROE	13.28%	0.78%	12.75%
Capitalization (book value)
Debt	28%	34%	34%
Equity	72%	66%	66%

	2007	2008	2009	2010
Net sales	$77,131	$80,953	$89,250	$120,000
Cost of goods sold	$62,519	$68,382	$72,424	$94,800
Gross margin	$14,612	$12,571	$16,826	$25,200
Research and development	$3,726	$4,133	$4,416	$6,000
Selling, general and administrative	$6,594	$7,536	$7,458	$10,032
Operating income	$4,292	$902	$4,952	$9,168
Interest expense	$480	$652	$735	$856
Other income (expenses)	-$39	-$27	-$35	-$50
				$806
Income before income taxes	$3,773	$223	$4,182	$8,262
Income taxes (a)	$1,509	$89	$1,673	$3,305
Net income	$2,264	$134	$2,509	$4,957
Earnings per share	$1.52	$0.09	$1.68	$3.32

		1	2	3
Sales		141,600	172,000	172,000
COGS		111,864	135,880	135,880
SG&A		11,838	14,379	14,379
R&D		7,080	8,600	8,600
EBIT		10,818	13,141	13,141
Depreciation		1,668	1,735	1,870
EBITDA		12,486	14,876	15,010
Depreciation		1,668	1,735	1,870
NEW EBIT		10,818	13,141	13,141
Interest Exp		806	1,002	577
EBT		10,012	12,139	12,564
Taxes (EBIT x tax%)		4,005	4,856	5,025
NI		6,007	7,283	7,538
NWC		37,028	44,978	44,978
Change NWC		1,908	7,950	-
FCFF w/Project
EBITDA		12,486	14,876	15,010
Change NWC		1,908	7,950	-
Taxes		4,005	4,856	5,025
CAPEX		3100	900	900
FCFF		3,473	1,171	9,085
FCFF wout Project
EBITDA		7262	8591	8659
Change NWC		8,041	6276	0
Taxes		2223	2681	2797
CAPEX		900	900	900
FCFF		(3,902)	(1,266)	4,962
Incremental CF's		7,375	2,437	4,123