A commercial real-estate project requires an initial outlay of $5,000,000. It is expected to generate the following net cash flows over the next 5 years, at which time it will be sold for $18,000,000:

2,000,000

2,500,000

3,000,000

3,500,000

3,750,000

Plus a resale value of $18,000,000 at the end of year 5

If the developer's use a discount rate of 15%, calculate the projects NPV?