A company has established a joint venture with another company to build a toll road. The initial investment is paving equipment is 37 million. the equipment will be fully depreciated using the straight-line method over its economic life of five years. Earnings before interest, taxes and depreciation collected from the toll road are projected to be 4 million per annum for 26 years starting from the end of the first year. The corporate tax rate is 20%. The required rate of return for the project under all-equity financing is 14%. The pretax cost of debt for the joint partnership is 6%. To encourage investment in the country's infrastructure, the government will subsidize the project with an 12 million, 16-year loan at an interest rate of 5% per year. All principal will be repaid in one balloon payment at the end of year 16. what is the NPV of the project (keep two decimal places)?