(I) PV of Net Operating Cash Flows

(I) PV of Net Operating Cash Flows
(II) PV of Depreciation Tax Shield
(III) PV of the Benefit for the Concessionary Loan
(IV) PV of the Interest Tax Shield
(V) Initial cost of the project
-The discount rates to use for the APV calculations are:

A) Cost of levered equity for (I) and cost of debt for (II) , (III) , (IV) and (V)
B) Cost of levered equity for (I) and cost of unlevered equity for (II) , (III) , (IV) and (V)
C) Cost of unlevered equity for (I) and cost of levered equity for (II) , (III) , (IV) and (V)
D) Cost of unlevered equity for (I) and cost of debt for (II) , (III) , (IV) and (V)