A project is being assessed for its ECV. The project has three phases—concept, development, and launch—that are expected to cost $5 M, $15 M, and $4 M, respectively. The likelihoods of success for the three phases are 0.5, 0.8, and 0.7, respectively. If the estimated NPV of future earnings is $90 M, what is the ECV for the project? (Answer: $11.1 M.)