Ajax currently has 20% debt and 80% equity. Their weighted average cost of capital is 12%, and the cost of debt is 4%. The tax rate is 40%. The firm is considering a new project. The initial investment is $150,000,000, and the project will generate sales of $80M per year for 8 years. The investment can be depreciated straight-line for 8 years to a zero book value. There are no working capital requirements. Operating expenses (not including depreciation or interest) are $42M per year for 8 years. They plan to fund the project using the proportions listed above and the debt's maturity will match the life of the project. Find the value of the project using FTE (Flow to Equity).