Yulbury plc is listed on the Australian Stock Exchange. Analysts estimate the stock's equity beta to be at 2.17. The ASX 200 Index is expected to earn a return of 15 percent per annum. The T-bill rate is at 5 percent per annum. The firm plans to invest in one of two mutually exclusive projects P or Q. Either project is the same risk as the firm's other assets. The expected cashflows of the two projects are: Project P O Today Outflow $200,000 Outflow $150,000 Year 1 Inflow $10,000 Inflow $70,000 Year 2 Inflow $40,000 Inflow $60,000 Year 3 Inflow $140,000 Inflow $100,000 Year 4 Inflow $70,000 Inflow $80,000