An existing high-profits company is considering a new expansion project. The required initial investment will be 400 million in Y0. Two other investments (100 million euro each) have been planned in the 3rd and the 5th year of management. All investments will be amortized over 5 years of management. At the end of the 5th year of management, 1/2 of the investment will be sold at a price of 150 million. Half of the investment in zero will be financed by equity and the other half by two loans of the same amount: one with an interest rate of 4% and reimbursed in the 5 years of management, the other with an interest rate of 5% and constant forever. The investment will generate an EBITDA of 120 million annually for the next 5 years of management. Moreover, because of the new investment, the EBITDA of the company will decrease from 450 to 430 million. In the 6th year of management, the FCFO will be 70 million, declining to infinite 10% every year. Tax rate is 30%. With a cost of capital of 10%, estimate FCFOs, FCFEs, the present value of the tax shields, APV and ADSCR.