Consider a project with the following data: The 5-year project requires equipment that costs $80,000. If undertaken, the shareholders will contribute $20,000 cash and borrow $60,000 with an interest-only loan with a maturity of 5 years and annual interest payments. The equipment will be depreciated straight-line to zero over the 5 -year life of the project. There will be a pre-tax salvage value of $3,200. There are no other start-up costs at year 0 . During years 1 through 5 , the firm will sell 20,000 units of product at $5 : variable costs are $2; there are no fixed costs. rdele=8%,requity=20%,taxratet=30%debt-toequityratio=3,rf=2%OCF0=80,000OCF14=20,000(52)(130%)+16,00030%=46,800OCFS=46,800+3,200=50,000 When using the APV methodology, what is the NPV of the depreciation tax shield? $25,777.35 $32,051.52 $97,152.98 $19,165.01