A firm is evaluating the following project. Expected revenues are $$2,000$ per year, in years $12,$ and then $$3,000$ per year in years $34.$ Expected expenses are half of revenues in each year. The project requires a capital expenditure of $$900$ in year $0.$ Consistent with the $2017$ Trump tax law, this capital expenditure will be depreciated immediately, i$.$e$.,$ in year $0.$ The firm also has an initial net working capital investment of $$300$ that can be fully unwound in the terminal period. The equipment has an expected salvage value in year $4$ of $$100.$ The tax rate is $21\%.$ The firm has a WACC of $12\%,$ an unlevered cost of equity of $12\mathrm{.}45\%,$ and a beta of $1\mathrm{.}3.$ The firm is financing this new investment with a $$500$ bullet loan, which has an interest of $10\mathrm{.}17\%.$

a$.$ What are FCFs in each year: years $0,1,2,3,$ and $4?($Paste a screenshot$/$copy of your Excel.$)$

b$.$ Calculate the value of the project, using the NPV $($i$.$e$.,$ WACC$-$based$)$ approach. Estimate to the nearest dollar.

c$.$ Calculate the value of the project, using the APV approach. Estimate to the nearest dollar. $($Please show your work for complete credit.$)$

d$.$ How do the values compare? Briefly discuss.