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Pellix ASA has an investment beta of 1

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Pellix ASA has an investment beta of 1.3. Risk-free interest rate is 4%, and expected return on
the market portfolio is 11%. Corporation tax is 27%, creditors and owners do not pay tax.
The company is considering investing in a project that is expected to generate an annual cash flow from
operations of NOK 4 million after tax for 3 years. The project is assumed to have the same risk as
the company. The investment costs NOK 8 million and is 40% loan-financed.
The debt cost is 5%, and the loan is repaid in full at the end of the third year.

What is the net present value of the investment if the investment is 100%
equity financed?