Year 0	Year 1	Year 2	Year 3
Revenues		363,688.342	363,688.342	363,688.342
- Cost of Goods Sold		-150,000	-150,000	-150,000
- Depreciation		-80,000	-80,000	-80,000
= EBIT		133,688.342	133,688.342	133,688.342
- Taxes (35%)		-46,790.9196	-46,790.9196	-46,790.9196
= Unlevered net income		86,897.4221	86,897.4221	86,897.4221
+ Depreciation		80,000	80,000	80,000
- Additions to Net Working Capital		-20,000	-20,000	-20,000
- Capital Expenditures	-300,000
= Free Cash Flow		146,897.422	146,897.422	146,897.422

Visby Rides, a livery car company, is considering buying some new luxury cars. After extensive research, they come up with the above estimates of free cash flow from this project. By how much could the discount rate rise before the net present value (NPV) of this project is zero, given that it is currently 10%?

12

17

22

27