Polar Shirts PLC is evaluating a project using the Flow$-$to$-$Equity method. The Free Cash Flows to

the Firm are an initial cost of $$310$ and then unlevered cash inflows of $$100$ per year for

years. The FCFF for the project are summarized as follows:

Polar Shirts will incur Debt of $$125$ for the project, which will be repaid at the end year $4.$ The

cost of debt is $5\mathrm{.}5\%.$ Polar's levered cost of equity is $12\mathrm{.}5\%.$ They pay a tax rate of $35\%.$

Calculate the NPV of the project using the Flow$-$to$-$Equity method: