You decide to start an Equipment Rental Company. You spend $…

You decide to start an Equipment Rental Company. You spend $1,000,000 on equipment. You finance the equipment with $800,000 of debt, and $200,000 of equity. There is no excess cash on the balance sheet.   At the end of your first year, you post NOPAT of $280,000 – without any deduction for your salary.  If you worked for someone else you could expect to earn $120,000.   Your cost of equity is 16%, your WACC is 14%.  What is your EVA?