Firm BBC is considering an expansion project. BCC maintains a constant debt-to-value ratio of 20%. The firms equity beta is 0.5 and its debt beta is zero. The expansion generates unlevered after-tax cash flows of $200,000 per year in perpetuity. The risk of the expansion project is the same as that of the firms existing business. Also, BCC intends to continue with the same debt-to-value ratio after the expansion. The risk-free rate is 4%, the market risk premium is 8%, and the corporate tax rate is 34%. Suppose the initial investment of the project is $500,000 at time 0. What is the NPV of this project? Solve using APV and WACC methods.