3. Consider Table 3, which outlines the investment and operating cash flows for three projects. PV (ITS) is the present value of interest tax shields. Each project costs 400. Table 3 CF4 Debt Project CFO CF1 CF2 CF3 PV (ITS) Equity Cost of debt capital (%) 400 10% 200 10% 200 10% Cost of unlevered equity (%) 15% 15% 15% 80 300 80 1 (400) 300 100 100 2 (400) 100 100 3 (400) 300 100 100 Corporation tax rate is 30% for all projects. 0 200 200 16.03 16.03 80 (a) Consider Table 3. Calculate the net present value of project 1. Detail all calculations that you use. (b) Consider Table 3. For project 2, calculate the required return on levered equity and the after-tax WACC. Detail all calculations that you use. (c) Consider Table 3. Calculate the value of project 2 using the WACC approach. Detail all calculations that you use. How does the value of project 2 compare to the value of project 1? Discuss. (d) Consider Table 3. Calculate the value of project 3 using adjusted present value (APV) approach. Detail all calculations. How does the value of project 3 compare to the value of project 2? Discuss