Consider a project with free cash flows in one year of $133,605 in a weak market or $196,786 in a strong​ market, with each outcome being equally likely. The initial investment required for the project is $65,000​, and the​ project's unlevered cost of capital is 24%. The​ risk-free interest rate is 9%. ​(Assume no taxes or distress​ costs.) a. What is the NPV of this​ project? The NPV is ​$ _____? b. Suppose that to raise the funds for the initial​ investment, the project is sold to investors as an​ all-equity firm. The equity holders will receive the cash flows of the project in one year. How much money can be raised in this way—that ​is, what is the initial market value of the unlevered​ equity? The initial market value of the unlevered equity is ​$ ___? c. Suppose the initial $65,000 is instead raised by borrowing at the​ risk-free interest rate. What are the cash flows of the levered equity in a weak market and a strong market at the end of year​ 1, and what is its initial market value of the levered equity according to​ MM? Assume that the​ risk-free rate remains at its current level and ignore any arbitrage opportunity. Date 0 Date 1 Initial Value Cash Flow Strong Economy Cash Flow Weak Economy Debt $65,000 ​$ ​$ Levered Equity ​$ ​$ ​$