DIY is considering a project that lasts for 9 years. The company currently has debt/equity ratio of 0.25, cost of equity of 15.58%, and cost of debt of 5%. The project requires a machine that costs $96,000 and has a CCA rate of 35%. The salvage value is $12,000 at year 9 and the asset class terminates since the machine is the only asset in the class. The machine will generate $32,000 before-tax cash flow in the first year, which grows at 5% per year. The corporate tax rate is 40%. The project will be financed by 80% internal equity and 20% new borrowing. Due to the pandemic, the government will offer a subsidized loan at 3% but require repaying 30%, 40% and 30% of the loan at the end of year 7, 8 and 9, respectively. The flotation cost of new borrowing is 6%. What is the NPV of the project? (Use the APV method). So this question is asking for the net present value of this project using the APV method. Adjusted present value (APV), defined as the net present value of a project if financed solely by equity plus the present value of financing