You have been asked to estimate the NPV of an investment in a new $3-$year venture for a telecom firm.

a$.$ The initial investment is expected to be SEK $1$ billion and will be depreciated straight line over three years to a salvage value of SEK $100$ million at the end of the third year.

b$.$ During the three years, working capital is expected to be $15\%$ of revenues and the investment has to be made at the start of each year; it can be fully salvaged at the end of the project.

c$.$ The cost of capital for the investment is $9\%$ and the tax rate is $30\%.$

d$.$ The project is expected to have the following revenues and EBITDA for the next $3$ years $($in millions of SEK$)$