Your friend wants to start a business Radio in English. He turns for your advice since he knows you are studying Corporate Finance at university. He expects the Radio in English will run for 4 years after that he is going to shut down the business. He needs to purchase radio equipment and license to do a broadcasting. Equipment cost is 30 000 000 tenge and it will be depreciated on a straight-line basis during 10 years. After 4 years, your friend plans to sell equipment for 7 000 000 tenge. Broadcast license costs 8 000 000 and will be treated as intangible asset and is going to be amortized on a straight-line basis during 5 years. Your friend expects revenues from the project to be 2 000 000 per month during the first year. After that you expect revenue grow by 5% each year. Cost of sales includes salary of VJ and are fixed at the first year of 400 000 tenge per month and expected to grow by 4% each year after that. Your friend will be paying rent to existing Radio Astana of 800 000 tenge per month. Rent will stay stable for the first year and then will grow in cost by 3% per year. For the project evaluation assume tax rate of 15% and cost of capital of 10%. a) Prepare Free cash flow table of the project for your friend b) Calculate NPV of the project and advise your friend is it a good idea to start new business.