You are asked to evalue an all equity financed project with following information:

Initial capital spending is $15.0 Million; The project will create perpetual $9.5 Million sales revenue every year. Annual operating cost is $2.9 Million. Ignore depreciation cost. The cost of unlevered discount rate is 14% . Corporate tax is 37% . What is annual operating cash flow from this project?

What is the NPV of this all equity financed project?

If firm decides to borrow $7.3 Million at 9% borrowing rate for this project. What is present value the project's interest tax shield ?