XBrioni Inc., a fashion division of a company, is considering the purchase of new equipment with an expected life of five years. The equipment requires an initial investment of $44,500,000. The expected inflows, outflow, and certainty equivalent coefficients (CEC) are given in the table below. The historical average stock market return is 10.90%, the return on U.S. Treasury bond is 5 percent (risk-free rate), and the beta coefficient of the division is 1.76 (due to the high risk of changing fashion).

Year	Expected Cash flow	CEC
0	-$44,500,000.00	100%
1	$21,000,000.00	88%
2	$20,500,000.00	81%
3	$19,000,000.00	79%
4	$18,500,000.00	71%
5	$17,800,000.00	69%

a. What is the risk-adjusted NPV of the project based on the risk-adjusted discount rate approach. b. What is the risk-adjusted NPV of the project based on certainty equivalent approach? c. What approach do you use? Do you suggest the company takes this project? Justify your suggestion.

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