You are evaluating a three-year project to determine if it's value-enhancing. You have worked through the intelligent projections, and you estimate the following: S millions Revenue COGS SG&A EBITDA Year 1 57.50 (23.00) (8.63) 25.88 Year 2 69.20 (26.30) (9.69) 33.22 Year 3 70.60 (26.12) (8.47) 36.01 You estimate that Net Operating Working Capital needs will be 18% of revenue. You also estimate that 1 Depreciation expense each year (Years 1, 2 and 3) will be $14 million. The timing of the Capex will be $50 million today (time zero), $15 million in five months from today, and $5 million one year from today. You expect to sell your PP&E for $32 million at the end of Year 3. You plan to finance / pay for this project with 80% equity and 20% debt (no preferred capital). Your cost of equity capital = 18%. Your cost of debt capital = 7%. Your marginal tax rate = 27%. You plan to recoup/repurpose your NOWC investment four months after the end of the project (so, four months after the end of Year 3). You believe that the estimated operational cash flows (projections in the table above) should be discounted using the mid-year convention. Calculate the NPV of this project! You are evaluating a three-year project to determine if it's value-enhancing. You have worked through the intelligent projections, and you estimate the following: S millions Revenue COGS SG&A EBITDA Year 1 57.50 (23.00) (8.63) 25.88 Year 2 69.20 (26.30) (9.69) 33.22 Year 3 70.60 (26.12) (8.47) 36.01 You estimate that Net Operating Working Capital needs will be 18% of revenue. You also estimate that 1 Depreciation expense each year (Years 1, 2 and 3) will be $14 million. The timing of the Capex will be $50 million today (time zero), $15 million in five months from today, and $5 million one year from today. You expect to sell your PP&E for $32 million at the end of Year 3. You plan to finance / pay for this project with 80% equity and 20% debt (no preferred capital). Your cost of equity capital = 18%. Your cost of debt capital = 7%. Your marginal tax rate = 27%. You plan to recoup/repurpose your NOWC investment four months after the end of the project (so, four months after the end of Year 3). You believe that the estimated operational cash flows (projections in the table above) should be discounted using the mid-year convention. Calculate the NPV of this project