A chemical manufacturer is closing down one of its plants. In doing so, it will need to pay cleanup costs to make sure that no toxic chemicals remain after it leaves. The company believes that it will need to pay cleanup costs of $4 million, $7 million, and $2.5 million in 1, 2, and 3 years, respectively. The company wants to raise enough money this year (i.e., right away), to make sure it can pay these cleanup costs. If interest rates are currently 7%,

How much does the company need to raise (rounded to the nearest dollar)?