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Year Cashflow to Equity

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Year Cashflow to Equity
0 ($4,750,000)
1 $4,000,000
2 $4,000,000
3 ($3,000,000)
If the cost of equity is 16%,would you accept this project?
Please explain your answer.
Year Cashflow to Equity
Cost of equity是融资成本 也就是说你的project在这个贴现率下要有正收益
NPV = -475 + 400/(1.16) + 400/(1.16)^2 - 300/(1.16)^3 = -25.1 < 0
净现值小于零 不take这个project