Based on that information, please gives step by step how to do the calculation of the DSCR and the correct answer for the DSCR.

ABC Pty Ltd intends to form a special purpose vehicle {SPV} in Australia. This will involve building new water treatment facilities. ABC Pty Ltd intends to undertake the development of the proposed water treatment facilities through a project financing approach. The constructed facilities will be used as the business solution in providing clean water to the local community. The following are some of the in-principle agreements with the various parties after much negotiation: 1. The project is to be developed using a BOT arrangement where WaterSolution will finance and build, operate and transfer the facilities back to the state government at the end of 20 years. There are three off-take agreements: o to sell CallWater Pty Ltd 450,000 cubic litre of treated water per day at a price of $0.025 per cubic litre. This agreement will expire at the end of 20 years. The contract allows for the price to increase by 7% per annum. o to sell APWater Limited 550,000 cubic litre of treated water per day at a fixed price of $0.020 per cubic litre. This agreement will expire at the end of 20 years. The contract allows for the price to increase by 10% per annum. o to sell Nuwater Pty Ltd 600,000 cubic litre of treated water per day at a fixed price of $0.030 per cubic litre. This agreement will expire at end of 20 years. The contract allows for the price to increase by 5% per annum. The capital expenditure (include construction cost plus all relevant professional fees, insurance) is estimated at $85,000,000 incurred at year 0 WaterSolution has an agreement to buy untreated water from DirtyWater Ltd at a price of $0.012 per cubic litre. The price of untreated water will increase by 3% per annum. The annual operation cost {starting from year 1] is estimated to be as follows: 0 a. Management fees $350,000 per annum with an increase of 10% per annum o b. Maintenance works $600,000 per annum with an increase of 10% per annum o c. Insurance cost $150,000 per annum with an increase of 5% per annum o d. Miscellaneous cost is fixed at $100,000 per annum Also assume the following: 6. Current interest-free rate {based on Government bond) is 3.5% 7. ABC Pty Ltd's beta is estimated to be 0.9 (based on the ratio of the standard deviation of the firm's return to the standard deviation of the stock market return] 8. Expected market return of the water industry where ABC Pty Ltd's main business lies, 9. is 15% WaterSolution will borrow 75% of the capital expenditure from a consortium of banks at a cost of 12%. The repayment will start immediately in Year 1 and should be repaid fully in year 20. The remaining 25% is raised through equity. 10. Assume construction completed in year 0 and operation begin immediately in year 1 11. Assume there is no tax involved