You are considering undertaking a project where a $12 million investment would generate after- tax cash flows of $3 million per year for 5 years. Assume the all-equity financing rate for this project is 10%, and that you face a 35% marginal tax rate 3) What is the NPV and is this a good project? Now assume that you will finance the project by borrowing $10 million at a 7% rate, and that the note is repaid at $2 million per year (plus interest on the outstanding principal) for the five year project life. Now assume that you are considering borrowing in Japan. Your rate will be 3% and the Yen is expected to appreciate at 3% per year. The other financing terms will remain the same. What is the new APV? a. b. What is the APV? C