In early $2003,$ Boeing announced plans to design and sell a new, "super$-$efficient" jet dubbed the $7$E$7,$ subsequently called the "Dreamliner." However, news over the next six months depressed the market for aircrafts, which were already in sharp contraction. The United States went to war against Iraq. spasms of global terrorism offered shocking headlines, and a deadly illness called SARS resulted in global travel warnings. For those and oth $q$ reasons, airline profits were the worst seen in a generation. This seemed like an incredible cnvironment in which to launch a major new airframe project. Nevertheless, on June $16,2003,$ at the prestigious Paris Air Show, Michael Bair, the leader of the $7E7$ project, announced that Bocing was making "excellent progress on the development of the $7$E$7$ and continues to be on track to seek authority to offer the airplane, ${?}^{-2}$ In order to proceed with the project. Bair sought a firm commitment from Bocing's board of directors in early $2004.$ If the board approved the plan, he could start collecting orders from airlines and expect passengers to start flying on the new jets in $2008.$ Between now and his recommendation to the board, he would need to complete a valuation of the $7$E$7$ project and gain the support of Boeing's CEO, Philip Condit, and the other senior managers. Would the financial analysis show that this project would be profitable for Boeing's shareholders?