A company has established a joint venture with another company to build a toll road. The initial investment is paving equipment is $34$ 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 $27$ 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 $15\%.$ 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 $13$ million, $15-$year loan at an interest rate of $5\%$ per year. All principal will be repaid in one balloon payment at the end of year $15.$ The NPV of the project $($rounded to a whole number$)$