To make a decision whether a levered project is worth investing money into one can use the so-called "flow-to-equity approach". This approach requires calculating all the following EXCEPT: the levered cost of equity. the dollar amount of the initial investment that is not financed with a loan. the project's net present value. the discounted value of the levered cash flows using the unlevered cost of equity as the discount rate. the present value of the future cash flows by discounting them at the cost of equity for a levered firm