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$)$ is: