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4. Axa Corp is an all equity firm with a valuation of Rs. 200 million AXA is considering a project that will cost Rs.82.5 + x in year O and provide a net income of Rs. 22.5 + x for the next four years. (25) Table below shows the market risk and return along with other key metrics. Return St. dev Market 0.12 0.21 | Axa Corp 0.36 Treasury bill 0.00 0.06 Table: Variance covariance matrix Market Axa Treasury bill Market 0.044 Axa 0.144 Treasury bill 0.000 0.000 0.000 0.05x (3) a. Find Axa Corp's beta of unlevered equity. [3] b. Find Axa's weighted average cost of capital that it will use to discount the project's cash flow. (4) c. What is the NPV of the project? Axa's governing board is considering a capital restructure under which its debt-to-equity ratio will be 1. Axa will use the debt issue to repurchase existing stocks. Assume that Axa can borrow at the risk-free rate and there are no corporate taxes. d. Calculate equity beta after Axa restructures. [4] e. What is the required return on equity after Axa restructures. [4] f. Calculate Axa's WACC after restructuring. (4) 8. What is the NPV of the project after restructuring? [3]