You are analyzing a project that plans to invest $$20$ million in a new theme park called "Bonehead Park", based upon the infamous cartoon on MTV$,$ Beavis and Butthead. The park will take two years to build and the capital expenditure will also be spread out across the two years. Today: $$10$ million One year from now: $$5$ million Two years from now: $$5$ million Once the park is built, you expect to attract teenagers in record numbers, and have revenues of $$10$ million a year for the next ten years $($your assumed project life$).$ The park will cost $$3$ million a year to operate, and the depreciation will be $$1$ million a year. You plan to build it on land that you already own, that you bought three years ago for $$1$ million. If you do not take this project, you plan to lease the land out and make $$200,000$ a year before taxes. At the end of the ten years, it is assumed that the park can be salvaged for book value. The tax rate is $40\%,$ and the discount rate is $15\%.$

a$.$ What is the initial capital expenditure $($in present value terms$)?$

b$.$ What is the opportunity cost of the land $($in present value terms$)?$

c$.$ What is the annual after$-$tax operating cash flow on this park?

d$.$ What is the NPV of the project?