Economic profit

Under the assumptions of Proposition 6.6 with ROIC on existing capital equal to RONIC $= R$, so that $\text{NOPAT}_1 = R \cdot IC_0$, define $\text{EVA}_t = (R - W)IC_{t-1}$. Prove that $V_0 = IC_0 + \sum_{t \ge 1}\text{EVA}_t/(1+W)^t$. Deduce that $V_0 > IC_0$ iff $R > W$.