A project costs $1 million and has a base-case NPV of exactly zero (NPV = 0). Wh

A project costs $1 million and has a base-case NPV of exactly zero (NPV = 0). What is the projects APV in the following cases?a. If the firm invests it has to raise $500000 by a stock issue. Issue costs are 15% of net proceeds.b. If the firm invests its debt capacity increases by $500000. The present value of interest tax shields on this debt is $76000.Formula (in words) Calculationa. APV stock issue b. APV debt increases