Celtic Inc. is considering a $16-$year project that will generate before tax cash flow of $$18,000$ per year for $16$ years. The project requires a machine that costs $$96,000.$ The CCA rate is $20\%$ and the salvage value is $$9,600.$ Celtic has cash of $$66,000$ and needs to borrow the balance at $6\%$ interest rate to purchase the machine. Celtic is required to repay $$10,000$ at year $4$ and the remaining balance at year $16.$ The corporate tax rate is $30\%.$

$($a$)$ If the cost of unlevered equity is $12\%,$ the asset class remains open with a positive UCC after the project ends, and flotation cost is $2\%$ of the amount borrowed, calculate the NPV of the project using the APV approach.

$($b$)$ If the cost of equity is $14\%$ and the asset class remains open with a positive UCC after the project ends, calculate the NPV of the project using the FTE approach.

$($c$)$ If the weighted average cost of capital is $11\%$ and the machine is the only asset in the asset class, calculate the NPV of the project using the WACC approach.