It seems like the problem’s not complete or you haven’t posted all the information (growth rate, tax rate, working capital, initial WC outlay, etc.). Here’s what I have:

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WACC Calculations:

Market value of debt = 15,000 * 1,000 = 15,000,000

Market value of equity = 315,000 * 60 = 18,900,000

Weight of debt = 15 / (15 + 18.9) = 0.44; weight of equity = 0.56

WACC = 11.61%

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Yield on the Bonds:

FV = 1,000; PMT = 40; PV = -900; N = 30. CPT I/Y = 4.62. Implies annual yield = 9.25%.

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Bond Amortization Assuming Straight Line Depreciation:

Par 15,000,000 selling @ 90% =13,500,000. Which means you amortize the remaining 1,500,000 over 15 years using SL. Amortization = 100,000/year.

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Interest Expense:

(600,000 x 2) coupon payment + 100,000 amortization = 1,300,000

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Net Income Breakdown (in millions):

Sales = 64

VC = (48)

FC = (0.29)

Depreciation = (10.6/8) = (1.325)

EBIT = 14.385

Int. Exp. = (1.3)

EBT = 13.085

Taxes (assuming 35%) = 4.58

NI = 8.51

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Yearly FCFF (in millions) = 8.51 + 1.3*(0.65) + 0.1 (bond amortization) + 1.325 - 0.29 (assuming fixed costs are like CapEx) = 10.39.

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CF0 = (10.6); CF1-CF8 = 10.39; NPV @ 11.61% = 41.72.

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Since land is being used, and is not held for investment, your NPV stays at 41.72. If land was held for investment, its FV would be added to the NPV.

Not sure if this is complete, but feel free to add more info/correct errors.