WM Corp. has the opportunity to invest in a project that costs $8,000,000 (today) and expects to receive after-tax cash flows of $4,800,000 in 1 year and $5,600,000 in 2 years. This project will last for two years. WM expects to borrow $2,400,000 at a cost of 8%. This debt (i.e., the principal) must be paid in two equal annual installments. Assume a tax rate of 35%. The cost of capital with all-equity financing is 12% a) Compute the APV for the project. b) Provide a concise rationale for the discount rate you used to value the tax shield in a). c) Why is the APV (as opposed to WACC) the correct approach to value this project? Explain