i) Use the APV method to estimate the NPV of the investment at the start of 2018, assuming that is financed 60% with equity and 40$ with debt and that the financing structure of the project does not change over the life of the project.

ii) Estimate the NPV of the investment at the start of 2018 assuming that the company initially borrows 200 million and then pays adown the debt at a rate of 40 million per year. Assume that interest payments can always be used to offset the company's taxable profits over r the life of the project.